OREP formed a joint venture with Westwood Residential in July 2014 to develop 256 multifamily units in Austin, TX.
The Partnership’s original business plan was to develop two 3-story wrap structures with surface parking. Construction was proposed to begin in June 2014 and take approximately twelve months. Lease up was anticipated to take an additional 12 months with stabilization occurring by June 2016. Due to permitting challenges and weather delays, the development schedule was delayed more than six months however lease up occurred . The property is now stabilized.
The property is held by the Partnership.