A joint venture will bring a multifamily project with 375 market-rate apartments to the South Lamar submarket of Austin.
Dallas company Canyon Partners Real Estate will provide a preferred equity investment in a joint venture with Rhode Island’s Gilbane Development Company for the development of the apartment complex on South Lamar Boulevard about three miles south of downtown Austin.
The community is named Aer, which is a (seemingly unrelated) language as well as an alternate spelling of “air,” in honor of the fact that it backs to a greenbelt. It is also "positioned near major highways, including east-west Highway 71, north-south MoPac Expressway, and Interstate 35,” according to a press release, which did not specify an address.
"Aer represents a unique development opportunity in Austin's South Lamar submarket, a neighborhood characterized by strong demand yet limited new supply," Gilbane’s Adam Moore said. "As the city experiences continued growth and demand for high-quality rental housing, we are excited to partner with Canyon to develop the first eight-story podium building on South Lamar.".
