GEORGETOWN, Texas–(BUSINESS WIRE)–September 15, 2023–
Mosaic, the nation’s leading build-for-rent general contractor, has broken ground on Avila Berry Creek, Georgetown’s largest luxury build-for-rent community to date. Mosaic is teaming up with leading BTR developer, NexMetro Communities, for both companies’ first pilot operation in the Austin metropolitan area.
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Mosaic, an institutional-grade build-for-rent general contractor, celebrates the groundbreaking on Avilla Berry Creek, a 224-unit build-for-rent community in Georgetown, Texas, with developer NexMetro Communities. (Photo: Business Wire)
The average cost of owning a home in the Austin metropolitan area is $3,801 per month, with high-end rentals renting for just $2,951 on average, according to Redfin. This difference in the cost of living has encouraged the development of armored personnel carriers in the area, placing Austin among the top 10 markets nationally according to Rentcafe.
“Austin has seen population growth of more than 2% year over year over the past decade, and residential development has not kept pace. “Built-to-rent communities provide valuable housing options for residents who rent, whether by preference Or conditions.” “The beginning of this community comes at a critical time as high interest rates are pricing those seeking quality housing from the seller’s market. Avila Berry Creek will work to alleviate the area’s housing shortage with exceptional rental homes.
Avilla Berry Creek offers 224 cottage-style apartments, including a mix of one-, two- and three-bedroom detached homes and duplexes. Homes in the community range in size from 690 to 1,265 square feet and will include private backyards and front yards. Residents will enjoy a pool, clubhouse, community garden, open areas and a dog park across the 25-acre site. The total cost of developing the project is $66 million.
“The tremendous population growth in the greater Austin metro area has led to a boom in housing construction to keep up with demand,” says Jason Flory, general manager of NexMetro’s Austin division. “As interest rates rise, more potential homebuyers are losing their purchasing power, making the luxury rental home lifestyle in Avila even more attractive to consumers from all walks of life.”
Both Mosaic and NexMetro Communities are based in Arizona where they are also building Avilla Palomino, a built-to-rent community in Glendale. NexMetro’s local division is located in Austin.
About mosaic
Mosaic is the nation’s fastest-growing residential general contractor, building homes for the nation’s most innovative developers. Founded in 2017 and headquartered in Phoenix, the company is an institutional-grade general contractor that provides a full range of construction services, from pre-development to escrow and leasing. As a leader in the build-to-rent industry, the Mosaic team’s combined experience spans over 20,000 BTR units across 100 communities. Mosaic’s GC operations span multiple states, including Arizona, Colorado, Texas, Idaho, California and Florida. Learn more about how Mosaic empowers developers and business partners at www.mosaic.us.
View source version on Businesswire.com: https://www.businesswire.com/news/home/20230913265869/en/
Contact: Emily Erickson
Click @mosaic.us
Keyword: United States, North America, Texas
Industry Keyword: Professional Services Architecture Construction & Other Property Residential Buildings, Real Estate Finance, Construction & Property
Source: Mosaic
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Publication date: 09/15/2023 12:29 PM / Disc: 09/15/2023 12:30 PM
http://www.businesswire.com/news/home/20230913265869/en
