In 2018, the organization got a $25.1 million development loan advance from Texas Capital Bank for the undertaking.
HPI Residential has debuted Rhythm Apartments, a 262-unit Class A community in Austin, Texas. Charlan Brock Associates served as the architect for the development, while Britt Design Group worked on the interior design of the property’s common areas.
The developer financed the project with a three-year, $25.1 million construction loan from Texas Capital Bank in December 2018, according to Yardi Matrix data.
The community encompasses 12 buildings spread across an 11-acre parcel at 9701 Spectrum Drive. The unit mix provides studio apartments, as well as one- and two-bedroom floorplans, with sizes between 506 and 1,565 square feet. The amenity package includes a gym, swimming pool, 7,500-square-foot clubhouse, business center, game room and pet park.
The site is 3 miles from the busy retail corridor along Research Boulevard, which includes Lakeline Mall, a 1.1 million-square-foot shopping center owned by Simon Property Group. Additionally, the community is 20 miles north of the city center.
The Austin multifamily sector is among the top Texas markets in terms of deliveries as a percentage of existing stock. As of August, developers completed 6,072 units, which accounts for 2.5 percent of the total stock. Additionally, in the first eight months of 2020, developers broke ground on more than 7,000 units in the metro.