Financial Analysis - Preakness
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.
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