Winding Trails / FLATZ 130 Apartments
The Winding Trails Apartments project, approved under Resolution No. TCFC-2024-05 by the Travis County Facilities Corporation, proposes the development of a Class-A multifamily residential housing complex in partnership with an affiliate of Z Modular. Located near the intersection of FM 973 and SH 130, the development will feature approximately 396 units, including studio, one-, two-, and three-bedroom apartments. This project aims to provide decent, safe, and sanitary housing at affordable prices for residents of Travis County, Texas. It is designated as a Workforce housing initiative, with a significant portion of the units allocated for residents earning up to 60% and 80% of the Area Median Income (AMI). The initiative is part of a broader effort to address the affordable housing shortage in the area, ensuring equitable access to quality housing for all income brackets.
Details
Documents
Resolution No. TCFC-2024-05
May 9, 2024
To induce approximately 396 units of multifamily residential housing known as the Winding Trails Apartments to be developed in partnership with an affiliate of Z Modular located at approximately the intersection of FM 973 and SH 130; to authorize negotiation of a term sheet; and to take other related actions, subject to the terms outlined in the resolution.
Resolution No. TCFC-2024-11
September 5, 2024
To authorize the Flatz-130 Apartments transaction with Z Modular, including the execution of all documentation necessary to carry out the transaction; to authorize the purchase of the land for the transaction and the lease of such land for the transaction; to authorize the Travis County Facilities Corporation to serve as the general contractor; to authorize other matters in connection therewith.
Financial Analysis - Flatz 130 Apartments
May 9, 2024
The CBRE report evaluates the Flatz 130 Apartments project in Austin, Texas. The development will feature 396 units across ten 3-story buildings on a 55.83-acre site. Managed 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.
