Preakness
The Preakness Apartments project, approved under Resolution No. TCFC-2023-18 by the Travis County Facilities Corporation, involves the development of a 341-unit multifamily residential complex in partnership with NRP Group, LLC. Located at the intersection of Slaughter Lane and Capitol View Drive, the project includes a mix of one- and two-bedroom units. Designed as a Workforce housing initiative, 20% of the units (69 apartments) are designated for residents earning up to 60% of the Area Median Income (AMI), 30% (102 apartments) for those earning up to 80% AMI, and the remaining 50% (170 apartments) at market rates. This initiative aims to provide affordable and quality housing options for diverse income groups in Travis County, Texas.
Details
Documents
Resolution No. TCFC-2023-18 Preakness
October 4, 2023
To induce approximately 341 units of multifamily residential housing known as the Preakness Apartments to be developed in partnership with an affiliate of NRP Group, LLC located at approximately the intersection of Slaughter Lane and Capitol View Drive; to authorize negotiation of a term sheet; and to take other related actions, subject to the terms outlined in the resolution.
Financial Analysis - Preakness
March 21, 2024
The CBRE report evaluates the Preakness Apartments project in Austin, Texas. The development will feature 376 units across five buildings on a 15.24-acre site. Owned by the Travis County Facilities Corporation, the project will have a 100% property tax exemption for 75 years. Thirty percent of units will be for tenants at 80% of the area median income (AMI) and 20% at 60% AMI. The analysis covers development costs, income scenarios, and feasibility under different tax and rent conditions, showing the project is feasible only with tax abatements and rent restrictions.
