Lakeway Apartment Homes—proposed to be built on a 6-acre site at Storm Drive and FM 620 northeast of the city of Lakeway—will offer 180 income-restricted units, according to a Nov. 13 presentation by Community Development Block Grant Manager Christy Moffett to the Travis County Commissioner’s Court.
“This will provide much-needed affordable housing,” she said. “Right now there is none near this location.”
Rise Residential Construction is the Dallas-based affordable housing developer behind the apartments. Layouts will range from efficiencies to 3 bedroom units, said Bill Fisher, a spokesperson for the developers. Every unit will be income-restricted for households earning 30 to 80 percent of the area median income, he said.
A unit offered at the 50 percent rate with two bedrooms and two bathrooms would average a monthly rent of about $700, Fisher said.
Amenities will include patios with storage, garden tubs and energy-efficient appliances including dishwashers, refrigerators, and washer/dryers, Moffett said. Other plans include a 4,000-square-foot clubhouse with a fitness center, business center, kitchen and game room. Community amenities will include gated entry, pool, barbecue area, basketball court, playground and dog park, she said.
Social services—homebuyer education, credit counseling and more—will be available on-site for tenants at no cost.
“Doing it in this area of Western Travis County is very challenging,” Fisher said. “This property is for working families.”
He listed Lake Travis ISD teachers and City of Lakeway employees as community members in need of affordable housing options nearby. He said he has heard from business owners in the area who are unable to staff their businesses because people are not able to live close to where they work.
“People [in the area]are trying to find a place that’s affordable approximate to their workplace,” Fisher said. “[Affordable housing is] a win for residents and it’s also a win for the community.”
With commissioners’ unanimous approval today to proceed with the project, the city of Austin will next review the proposal at its meeting on Thursday.
“The fact that this is in a moderate to high opportunity area is a big deal,” said Travis County Judge Sarah Eckhardt. “[This project] is really on the cutting edge.”