Post Plans Next Austin Multifamily
Post South Lamar has been a rousing success for Post Properties, so it’s kicking off Phase II of the Austin community this year.
Post VP of investments Bart French tells us Phase I was complete in fall 2012 and was stabilized by May 2013. Early last year, it bought the adjacent tract where it’s gearing up a 350-unit community with 6k SF of retail. (Plans are drawn and it’s in for permit.) Bart says it’ll likely break ground later this year, but Post is watching the market because lots of product delivered in this submarket lately.
The Phase II site is challenging because it’s tight (like everything on South Lamar), but Bart says it’s a great piece of real estate and right where people want to live. (It’s close to Downtown but without Downtown pricing.) He tells us Austin is big on Post’s radar, but it’ll have to let the market digest some of its new product and develop opportunistically.
