AUSTIN – (Realty News Report) – The Michaels Organization, based in Camden, N.J., has broken ground on a 307-unit multifamily project at 5700 East Riverside Drive in Austin.
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 mid-rise project, called Zoey, will offer units near the Colorado River waterfront and the Oracle facility east of downtown.
The new mid-rise project, with five and six-story buildings, will have amenities including a dog-wash station.
MSC Architects, LLC of Dallas, Texas is serving as the master architect and Michaels Construction is the general contractor. Michaels will also provide property management services. Berkadia’s JV Equity & Structured Capital Group, led by Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt, secured financing.
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.Later this summer, Michaels will also grand open Mission Trail at El Camino Real, a new mixed-income housing community in nearby San Marcos, that will serve the city’s growing workforce.
March 12, 2020 Realty News Report Copyright 2020
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