Starwood to Develop Multifamily Property in Austin Opportunity Zone
Starwood Capital Group, a global private investment firm focused on real estate and energy investments, plans to acquire and develop a 342-unit multifamily project in an East Austin, Texas opportunity zone.
Starwood Capital Group, a global private investment firm focused on real estate and energy investments, plans to acquire and develop a 342-unit multifamily project in an East Austin, Texas opportunity zone. Starwood expects to complete the development by Spring 2020. Financial terms were not disclosed.
The development site is located within close proximity to Austin’s central business district, entertainment district and international airport, and will include a clubhouse, fitness center and pool with cabanas.
“Austin has experienced significant population growth and positive demographic trends, and we believe East Austin presents an attractive opportunity to meet the growing demand for high-quality housing with Class A amenities and finishes,” said Anthony Murphy at Starwood Capital Group. “With convenient access to Austin’s expanding job centers and entertainment district, this project will appeal to a wide pool of renters and will be a valuable addition to the Starwood portfolio.”
Starwood launched its opportunity zone business on January 2019 and invests in markets where the firm has developed a strong real estate presence, including the West Coast, Southeast and large metropolitan markets such as New York City and Washington, D.C.
Opportunity zones, which were created by the 2017 Tax Cuts and Jobs Act, offer investors certain tax advantages for developing and operating assets in low income distressed areas that are designated as opportunity zones.
Starwood Capital Group is a private investment firm with a focus on global real estate, energy infrastructure and oil and gas. Since its inception in 1991, Starwood has raised $45 billion of equity capital, and currently has in excess of $60 billion of assets under management.
