The Michaels Organization Enters Austin Market With New 59m Multifamily Development
FILED TO: What's New
New luxury living apartment community, Zoey, is scheduled to open fall 2021
Camden, New Jersey – March 9, 2020 –The Michaels Organization announced today that construction is underway on a luxury living rental apartment community in Austin, Texas. The $59 million, multifamily development marks Michaels’ first entrance into the Austin market, which is one of the fastest growing cities in the country.
Located at 5700 East Riverside Drive, the upscale Zoey will offer convenient living right near the Colorado River waterfront, local employment, entertainment, and recreational centers, and within close proximity to major highways and public transportation.
When complete in late summer 2021, Zoey will offer 307 apartment homes in a mid-rise building featuring both five and six stories. Amenities include structured parking, fitness areas, co-working spaces, and lounges. Outdoor amenities will include a pool, bike storage, dog wash station, and green spaces.
“Michaels has always loved the culture and energy of Austin and we are thrilled to become part of the community,” said Steve Hillebrand, Managing Vice President of Development at The Michaels Organization. “Our team is looking forward to delivering an exceptional high-quality, value-focused asset to Austin that reflects our mission to lift lives wherever we build and manage.”
Although this is Michaels’ first entry into the Austin market, the organization is not new to the state, having long owned and managed affordable living communities in both Houston and Midland, Texas. Later this summer, Michaels will also grand open Mission Trail at El Camino Real, a new mixed-income housing community in nearby San Marcos, Texas, that will serve the city’s growing workforce.
Apartments at Zoey will be offered in a variety of floorplans, ranging in size from studios to three-bedrooms. All will feature modern designs with plank flooring, granite countertops, and spacious closets. Of the 307 apartments, 38 of the studios will be designated as affordable.
MSC Architects, LLC. of Dallas, Texas is serving as the master architect and Michaels Construction is the general contractor. Michaels Management will serve as the property manager, ensuring the Zoey remains a community asset for the long-term. Berkadia’s JV Equity & Structured Capital Group, led by Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt, secured the capital partners for the opportunity.
