AUSTIN, Texas — A new housing developer has stepped onto the scene in Austin.
According to the Austin Business Journal (ABJ), Heartwood Real Estate Group Inc. will develop both single-family and multifamily housing, including townhomes and affordable apartment communities. The company already has more than 1,000 units planned in two developments currently in the works.
Heartwood's first project is a townhome community in the South Congress Avenue area. "The Reyna" will sit on about an 1.5 acres of land and will include 16 homes, according to ABJ. The units will range from about 1,000 square feet to more than 2,000 and will cost anywhere from the $600,000 range to more than $1 million. Heartwood expects to finish the project sometime next year.
The company is also developing a 344-unit community in East Austin, according to ABJ. Half of those units will be reserved for residents earning less than 60% of the median family income level – $98,900 in the Austin metro in 2021 for a family of four. Those units will be part of the City of Austin's Affordability Unlocked program, which incentivizes the creation of affordable housing and speeds up the permitting process.
Affordable housing has become harder to find in Austin as rent has increased. A recent Redfin report showed that rent in the Austin metro area increased 35% on average between January 2021 and January 2022 – the second-highest percentage increase in the U.S. Redfin reported that the average rent in Austin in January 2022 was $2,245.
To learn more about Heartwood Real Estate Group, read ABJ's full report.
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