A 220-unit luxury high-rise multifamily building named Seven RIO is slated for development in the West Sixth Street District of downtown Austin, Texas. The development site is on West Seventh Street, on the northeast corner of its intersection with Rio Grande.
Originally planned as a 32-story condominium tower, the project was designed by Texas architectural firm Rhode-Partners and was expected to cost more than $50 million.
Behringer Harvard Multifamily REIT I, Inc. has provided equity capital for the construction of the revamped 24-story luxury tower, which will begin this month.
“We expect Seven RIO to benefit from a strategic location in downtown Austin with convenient access to employers in the central business district as well as many shopping, dining and entertainment venues that contribute to Austin’s exciting nightlife,” said Mr. Mark T. Alfieri , Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc. “We are pleased to be partnering with CWS Capital Partners on our first development project in Austin.”
CWS Capital Partners LLC, a real estate investment firm with co-headquarters in Austin and Newport Beach, Calif., will serve as the developer for Seven RIO. During the last decade, CWS Capital Partners has developed approximately 3,000 multifamily units, primarily in the Southwest.
Seven RIO will offer common amenities including a resort-style pool, state-of-the-art fitness center, business center, club room, and patio area with a fireplace and built-in grills. The apartment homes will offer one or two bedrooms, up to two baths, and an average of 924 square feet each. Units will feature granite countertops, brushed nickel hardware, stainless steel appliances, tile backsplashes, 10-foot ceilings, private balconies and full-size washers and dryers.
The well-located site near Austin’s central business district also provides convenient access to other major employment centers via MoPac Expressway, one mile to the west; I-35, one mile to the east; and the downtown MetroRail station, one mile to the southeast. Residents will be within walking distance of the Sixth Street corridor, a historical area that’s now a vibrant entertainment district, and several parks less than a mile away.