Financial Analysis - Preakness

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March 21, 2024
August 29, 2024
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TCFC CBRE Reports

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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.

Projects

All projects referenced in this resolution.

Preakness

Workforce/Affordable Housing
341
UNITS
Slaughter Lane and Capitol View Drive
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