June 25, 2019
Starwood Capital Group has acquired, and will complete development of, Cactus Rose Apartments, a 342-unit multifamily complex in East Austin, TX. The Miami Beach, FL-headquartered Starwood expects to complete the Opportunity Zone development by spring 2020.
The complex is situated on 23 acres at 500 US 183 S., one of the few sites in the submarket able to accommodate a garden-style apartment. The amenities will include a clubhouse, fitness center, and pool with cabanas. Local developer Oden Hughes LLC had begun construction on the property in 2018, following lengthy negotiations with mobile home owners who had resided on the site.
“The development at 500 U.S. Highway 183 S. is representative of the growth-focused investments Starwood Capital intends to continue targeting across our Opportunity Zone business,” said Starwood’s Anthony Balestrieri. “We look forward to continuing to grow our Opportunity Zone investment portfolio, as we identify attractive investment opportunities to create value for our investors.”
Pictured: East Austin
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