Site: 0.59 acre site at 2001 S. 1st St, Austin, TX 78704
StoryBuilt is pleased to offer the opportunity to invest up to $3,000,000 of limited partner equity to fund the vertical development of a boutique, mixed-use project in the highly desirable Bouldin Creek neighborhood. Investors will receive a 12% fixed preferred return, annualized, based on an anticipated 18-24 month duration period.
2001 South First Street is a 20,000 NSF, mixed-use project along the redeveloping corridor of South First Street less than two miles from Downtown Austin. The residential component of the project will feature 42 micro units. Most units will have balconies overlooking Bouldin Creek and South First Street. Units will also kitchenettes and dining rooms, to create more space.
The micro units are expected to appeal to people who want to live in the Bouldin Creek area but don’t want sky high rents. Covered and uncovered parking at ground level will help create an auto-free urban living and execute a more profitable micro-urban infill project.
The property is located within walking distance to Downtown, South Congress, Zilker Park and Lady Bird Lake, less than three miles from the University of Texas, and five miles from the Barton Creek Greenbelt making Bruno a prime location for those seeking an urban environment within close proximity to some of the greatest attractions in the city. StoryBuilt intends to develop a 42 residential microunit community, 3,000 Net Rentable Square Feet of commercial space, offering a modern efficient, urban living at a reasonable price in a rapidly transitioning corridor along South 1st St.
South Central Austin is one of the most in demand areas of Austin and the neighborhood’s apartments and condos are especially popular with young adults due to its walkability and maintenance free lifestyle. Neighborhoods in South Central Austin include tree-lined streets and stately homes as far back as the 1920’s, many of which continue to be updated and renovated. New condo and single-family developments popping up are carefully designed to be integrated with the atmosphere of the neighborhoods and paying an homage to old Austin while embracing the new.
The demand for smaller apartments is booming as renters are choosing cheaper rent and location over the size1, especially as Austin traffic is one of the worst in the country2.
Austin has a very limited number of microunits, the current ones being concentrated in East or Northwest Austin. Bruno will be the first microunit complex south of Downtown.
1 Interest in Micro Apartments Booming, KVUE, 2019
2 Traffic in Austin ranked one of the worst in the United States, KVUE, 2020