AUSTIN, TEXAS (August 30, 2016) —Austin-based multifamily developer Oden Hughes recently broke ground on Lenox Springs, a luxury apartment community in South Austin that will include 660 Class A apartments.
Located along the southbound I-35 frontage road between Old San Antonio Road and FM 1626, the project will be built in two phases with leasing set to begin on the first 400 units in the fall of 2017.
The one-two-and-three bedroom units in the first phase are expected to rent for between $1,000 and $2,000.
The start date of the second phase, consisting of 260 units, has yet to be determined.
“Austin employers created more than 38,000 new jobs in the last year, and there are few signs that our economy or population growth is going to slow significantly anytime soon,” said Oden Hughes principal and co-founder Steve Oden. “Demand continues to exceed supply when it comes to housing in many areas of this city and that includes South Austin.”
Lenox Springs will be the fifth South Austin community Oden Hughes has developed since it was founded in 2010.
“Each of these communities leased up ahead of schedule and our projections, reaching stabilization in an average of 11 months, “ said Oden Hughes Management President Stephani Park. “Interest in the area among luxury apartment dwellers has remained strong as downtown and closer-in areas have become more and more expensive.”
Oden Hughes Taylor Construction will be the general contractor for Lenox Springs. Oden Hughes Management will lease and manage the community.
About Oden Hughes LLC
Oden Hughes LLC is an Austin-based multifamily development, construction and property management company that focuses on Class A properties in the Austin, San Antonio, Dallas, Fort Worth and Houston markets. The company also offers value-add investments, design-build services, and general contracting. Founded in 2010, the firm focuses on multifamily development, construction and management in major Texas markets. For more information please visit odenhughesllc.com.
Austin Business Journal, 9/2/16, 'Austin Developer Breaks Ground on Another Big Apartment Complex'
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GlobeSt.com, 9/6/16, 'Continued Demand for Housing Sparks More Development'
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