Gregg Lane
The Gregg Lane Apartments project, approved under Resolution No. TCFC-2024-06 by the Travis County Facilities Corporation, proposes the development of a new 350-unit multifamily residential complex in collaboration with an affiliate of StoneHawk Capital Partners, LLC. Located at the intersection of Gregg Lane and Harris Branch Road, the development will consist of Class-A studio, one-, two-, and three-bedroom units. This project is designed to provide affordable and quality housing for residents of Travis County, Texas. It is categorized as a Workforce housing initiative, with 20% of the units (70 units) designated for residents earning up to 60% of the Area Median Income (AMI) and 30% of the units (105 units) for those earning up to 80% AMI. The remaining 175 units will be available at market rates.
Details
Documents
Resolution No. TCFC-2024-06
May 9, 2024
To induce approximately 350 units of multifamily residential housing known as the Gregg Lane Apartments to be developed in partnership with an affiliate of StoneHawk Capital Partners, LLC located at approximately the intersection of Gregg Lane and Harris Branch Road; to authorize negotiation of a term sheet; and to take other related actions, subject to the terms outlined in the resolution.
Financial Analysis - StoneHawk Gregg Lane
May 9, 2024
The CBRE report analyzes the StoneHawk Gregg Lane multifamily project in Manor, Texas. The development will feature 350 units across 8 three-story buildings on a 15.03-acre site. The Travis County Facilities Corporation (TCFC) will own the project under a 75-year ground lease with a 100% property tax exemption. In return, 30% of units will be for tenants at 80% of the area median income (AMI) and 20% at 60% AMI. The report evaluates development costs, projected income scenarios, and feasibility under different tax and rent restriction conditions. The analysis shows the project is feasible only with tax abatements and rent restrictions.
