Austin Gives Early OK for 1,500 Rental Units

Wildhorn Capital wants to keep two existing apartment complexes making up 530 units and add over 1,500 units to its property in southeast Austin.

The Austin Business Journal reports the Austin Planning and Zoning Commission voted 9-1 to permit a change in the code allowing Wildhorn to build as high as 120 feet in the area, as long as they designate 100 units as affordable housing. The City Council will have to approve the project as well. Current height restrictions limit building projects over 40 feet. The change would clear the way for Wildhorn to create 2,100 apartments in an area close to downtown, Austin-Bergstrom International Airport and the headquarters of Oracle Corp.

Public records indicate the two properties, which total 23 acres, are owned by a holding company tied to Wildhorn and were most recently valued at more than $71 million. Wildhorn’s portfolio includes 17 multifamily developments with more than 4,100 individual units across the Austin-San Antonio region.

Connect Texas Multifamily 2023 will take place on Aug. 22, 2023 at Virgin Hotel in Dallas. Click here for more information and to register.