An $88 million all-affordable rental community is headed to Round Rock. Minneapolis-based LS Black Development broke ground on Preserve at Mustang Creek at 1401 County Road 118 in the suburb north of Austin earlier this month.
The community will consist entirely of apartments priced for households that make 30 to 60 percent of the area median family income. None of the 252 units in the complex will be market-rate.
The community will have one- to four-bedroom units, a pool, a playground, a club room, and outdoor grilling and dining areas. The nine-acre development will also feature a solar-paneled carport expected to offset 90 to 100 percent of common electricity use.
Designed by Merriman Anderson Architects and built by Cadence McShane Construction, both headquartered in Dallas, the project was funded in part by public financial partners Capitol Area Housing Finance Corporation and the Texas Department of Housing and Community Affairs. Private financial partners include Red Stone Tax Exempt Funding, based in New York, and WNC, headquartered in Irvine, California.
Construction is scheduled for fall 2025 completion
