The development of a multifamily Larkspur Apartments project, aimed at increasing the density of Leander, is set to kick off in Austin with an equity investment of $33.3 million by the Canadian-based Trez Capital LP. Another source of funding for the project comes from a capital investment partnership with Thompson Realty Capital LLC. This will cover a third of the project’s total cost, which is estimated at $100 million. The apartment project will be developed on a 608-acre well-planned community located off the 183A toll road in Williamson County, just at the entrance to Larkspur.
The two-phased Larkspur apartments project will consist of up to 504 units in total, with about 250 apartment units to be built in each phase. These apartments will be built using garden-styled designs and consist of one-, two- and three-bedroom units. The project also covers the development of an amenity center, a first-class rental office, as well as a resort-style swimming pool. In addition, the project’s design will incorporate the natural landscape found around the Texas Hill country while preserving mature holm Oaks in place.
Larkspur Apartments project to be managed by Thompson Realty Capital on completion
Phase I of the Larkspur Apartment project is expected to break ground early this year and the proposed completion date of the project is set for 2025. Thompson Realty Capital will be the project’s property manager upon completion. This apartment project is the seventh joint venture between Thompson Realty Capital and Trez Capital; and the two companies are collaborating on three other ongoing multifamily construction projects in Texas totaling about 896 units.
The global head of origination for Trez Capital LLC, John Hutchinson gave more insights on the company’s goals and vision. Hutchinson mentioned that the Larkspur Apartment project was a good example of how their field research and investment thesis could be applied in delivering strong long-term returns. He pointed out that the Austin area is matured for investment in all kinds of residential assets besides multifamily; which is due to the massive growth in high-paying jobs from facilities belonging to Amazon, Apple, Dell, and Samsung. Hutchinson hinted that the company intends to target industrial development, storage facilities, and single-family rentals as future potential investments.