Wood Partners Breaks Ground on New Luxury Property in Austin, Texas

Burgeoning North Burnet corridor location marks strategic investment for Wood Partners and ParkProperty Capital

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Aug 26, 2021, 10:57 ET

AUSTIN, Texas, Aug. 26, 2021 /PRNewswire/ -- Wood Partners, a national leader in multifamily real estate development, announced the groundbreaking of its latest luxury property in Austin, TX. Located at 8528 Burnet Road, the yet-to-be-named property is being developed in partnership with ParkProperty Capital. The first phase is targeted to open in Q4 2022.

The property will take its inspiration from the vibrant and eclectic history of the North Burnet Road corridor, combining Austin-inspired design elements with a refined, fresh aesthetic that Wood Partners' properties are known for. The project will offer 261 luxury units with one, two and three-bedroom floorplans. The units will include high-end finishes, appliances, and technology packages. The amenity-rich design will feature unique spaces, both indoors and out, including a clubroom, fitness center, business center, micro-offices, conference and entertainment spaces, outdoor kitchen, outdoor exercise and yoga area, dog park, and a resort-style swimming pool. The property will also include a dedicated parking garage, and an indoor/outdoor sky lounge with expansive views of the surrounding area.

"This project reinforces Wood Partner's commitment to developing market leading assets in top tier locations throughout Austin," said Bart Barrett, Managing Director for Wood Partners. "8528 Burnet is a strategic step forward in solidifying Wood Partners' presence as a preeminent multifamily development group in Austin and central Texas. We have delivered or are currently building approximately 1,200 residences in this market, and we continue to pursue additional opportunities."

"We are excited to plant our flag in Austin with such an established developer as Wood Partners," said Brendan Whalen, Managing Director of ParkProperty Capital. "This will be our first investment in Austin, and we strongly believe in the long-term prospects due to the business-friendly environment and quality of life that the city has to offer. This is our fourth investment with Wood Partners as we continue to target similar development opportunities throughout the major markets in the US Sunbelt."

The location will place residents in one of Austin's most distinct areas, offering access to major employment, entertainment, and activity centers, including The Domain and Parmer Austin. Key employers include Apple, Amazon, Facebook, and GM's IT Innovation Center. Up-and-coming bars and restaurants, as well as established favorites, dot the community. Nearby shopping includes The Arboretum, Gateway Shopping Centers, and Shops at Arbor Walk. Residents will also benefit from the property's proximity to the newly opened Q2 Stadium, home to FC Austin, Austin's Major League Soccer team.

About Wood Partners
Wood Partners is a national leader in the development, construction, and management of multifamily communities across the United States. The company has been involved in the acquisition and development of nearly 90,000 multifamily homes with a combined capitalization of $16.5 billion. The company currently owns 70 properties across the United States representing more than 20,000 homes. Headquartered in Atlanta, Wood Partners has offices in 21 major markets across 14 states nationwide. The company also operates Wood Residential, an award-winning, full-service property management group that proudly operates both properties developed by Wood Partners and communities owned by third parties. For two years running, Wood Residential has ranked No. 1 nationally for online reputation in the J Turner ORA™ Power Rankings (Division III). For more information, visit woodpartners.com.

CONTACT: Nick Fischer, [email protected], 678-997-7928

SOURCE Wood Partners