UG Oakhill Highline
The Oak Hill Highline Apartments is a planned 360-unit multifamily development to be located at approximately the intersection of Slaughter Lane and Interstate 35 in Austin. It is being developed by Urban Genesis, LLC in partnership with TCFC as approved through Resolution No. TCFC-2024-03. To provide affordable workforce housing options, 20% of the units (72 units) will be reserved for tenants earning up to 60% of the area median income, and 30% of the units (108 units) will be reserved for those earning up to 80% of the area median income. The remaining 180 units will be rented at market rates. This project will consist of all one-bedroom units and operate as a Class-A multifamily residential community. TCFC will own the land and project, leasing it back to Urban Genesis' affiliated partnership. This project received approval from the Travis County Commissioners Court on March 26, 2024.
Details
Documents
Resolution No. TCFC-2024-03
March 7, 2024
To induce approximately 360 units of multifamily residential housing known as the Oak Hill Highline Apartments to be developed in partnership with an affiliate of Urban Genesis, LLC located at approximately the intersection of Slaughter Lane and Interstate 35; to authorize negotiation of a term sheet; and to take other related actions, subject to the terms outlined in the resolution.
Financial Analysis - Oak Hill Highline
March 7, 2024
The CBRE report evaluates the proposed Oak Hill Highline project, a 360-unit multi-family development in Austin, Texas. The project will be owned by Travis County Facilities Corporation (TCFC) and will benefit from a 100% property tax exemption, setting aside a portion of units for affordable housing. The analysis includes projected costs, operating expenses, and income scenarios. The report demonstrates that the development is feasible only with rental restrictions and tax abatements.
