AUSTIN – (Realty News Report) – JLL Capital Markets has secured construction financing for The Travis, a 423-unit, 50-story apartment tower rising in the Rainey Street District of downtown Austin. JLL represented the borrower, Genesis Real Estate Group and PGIM Real Estate, in arranging the loan through JPMorgan Chase.
The Travis is being promoted as Austin’s tallest single-purpose, for-rent multi-housing high-rise. While taller residential buildings exist in downtown Austin — The Austonian (56 stories) and The Independent (58 stories) — those are primarily for-sale condominium towers, whereas The Travis will be rental-only.
Located at 80 Red River Street, The Travis is scheduled for completion in fall 2024.
The site sits near Lady Bird Lake and Interstate 35 in the Rainey Street District, an area that has evolved into a lively cultural and nightlife destination. The property offers easy walkability to more than 40 restaurants and bars and numerous shops clustered in the Rainey district, which has seen several new residential projects rise along the skyline.
Last August, Austin-based Pearlstone Partners and New York-based ATCO Properties & Management announced they had begun work on Vesper, a 41-story residential condominium at 84 East Avenue in the Rainey Street District. Set on 0.41 acres, Vesper will deliver 284 residential homes averaging about 975 square feet.
A 17-story Fairfield Inn & Suites is also under construction nearby in the Rainey Street District. The 152,000-square-foot hotel at 76 East Avenue will include 126 rooms and is being built by Houston-based Arch-Con Corp. for developer RGB Hospitality, with design by MCS Architects.
The Travis contributors: The JLL Capital Markets team representing the borrower was led by Senior Managing Director Campbell Roche and Senior Managing Director Robert Wooten.
Feb. 10, 2022 Realty News Report. Copyright 2022.
File: Austin’s Tallest Apartment Tower Underway
Image: Courtesy JLL Capital Markets. Rendering shows The Travis tower on the right near the north shore of Lady Bird Lake in downtown Austin.
File: JLL. Austin’s Tallest Apartment Tower Underway in Rainey Street.