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In 2011, the Austin Board of Realtors estimated occupancy of multifamily homes to be between 96 and 97 percent. With such high occupancy levels, it should come as no surprise that developers are looking to build in Austin, and two apartment complexes appear to be adding 700 residential units to the North Austin area.
The first proposal is a 300-unit complex on Burnet between Steck and Anderson Lane. The complex would be built on a piece of land that currently houses 39,000-square-feet of Chuck E. Cheeseâ€™s as well as a Ross. Each individual unit would consist of one- to two-bedrooms with 550 to 1,300 square feet. Current rent estimations are between $700 and $1,800 per month. Amenities would include a pool and clubhouse, a business center, and a fitness center. Bury + Partner Inc., an engineering consulting and design firm based in Austin, will head the project.
Endeavor Real Estate Group, which is currently building 543 units at the Domain, is set to head the other project. Their 18 acre-site is located further north on Burnet and is planned to consist of seven three-story buildings that will hold a total of 392 units. The Addison on Burnet is the proposed name for this complex.