In the midst of record-high population growth in the Lake Travis area, multifamily apartments, townhomes and condos are rising throughout western Travis County.
One development transforming local options is an affordable housing project in the Hudson Bend area from Rise Residential known as the Villas at Cardinal Hills.
“There is little or no affordable rental housing in this area,” a Villas development representative said in Travis County documents. “The management company has a substantial amount of prospective residents needing housing by Lake Travis to continue to live and work in this area.”
With a promise of 180 units at or below 60% of the median family income, the Villas at Cardinal Hills is just one housing solution among several underway in the area.
The overview
Outside the Villas at Cardinal Hills, another multifamily development project nearing completion is Jovie Lakeway, a 55-plus “active adult community” with studio, one- and two-bedroom units near Lakeway’s incoming City Center development The Square at Lakeway.
Four developments within The Square at Lakeway have plans to bring hundreds of multifamily units, over 100 townhomes, 34 multifamily condo units and 63 single-family homes.
The Village at Spanish Oaks is an 18-acre development in Bee Cave with residential and commercial spaces. While the project is still in early phases, recent development plans show a multifamily apartment complex with 310 units and a senior living facility with up to 225 units.
Another townhome development down the street is BB Living Sweetwater Crossing in Bee Cave, which began leasing in November. Similarly, the Provence neighborhood plans to expand with 193 townhome-style units at the Hills at Provence near Bee Cave, county documents show.
The why
As affordability continues to be a concern in the area, multifamily developments are becoming a key option for families trying to enter the Lake Travis market, said Angel Ceniceros, leasing and marketing manager for BB Living.
Nearly 48% of occupied housing units in Bee Cave were multifamily units in 2024, according to U.S. Census Bureau data.
“A lot of people are starting families and have outgrown traditional apartments,” Ceniceros said. “The multimillion-dollar homes are not attainable for everyone.”
In April, the median home sale price for the Lake Travis area was $600,000, Unlock MLS data shows.
Zooming in
Since 2014, both Bee Cave and Lakeway have seen significant total population growth, with Bee Cave increasing by over 80% and Lakeway by nearly 52%. With this population growth comes an increased demand for housing.
“There’s high traffic,” Ceniceros said. “Many people that can’t get into a home yet or are looking to build in the future come here.”
Jovie Lakeway has also seen high demand, Regional Property Manager Keri Denson said.
One week after starting tours, 10 units were already leased, Denson said.
In Lakeway, the two largest population groups are those ages 45-54 and 65-74. With over 200 units, Jovie Lakeway offers resident events several times a week to create a sense of community, Denson said.
Sorting out details
Though Villas at Cardinal Hills is the first area development offering 100% of its units at income-restricted rates, Pearl Bee Cave also began offering “workforce housing” in Bee Cave last October at around 80% or below the median family income, or MFI. For a family of four, the 80% MFI for the Travis County area is $104,200.
The next-closest affordable housing is Cardinal Point Apartments in Four Points and two sites near US 290 through Foundation Communities, a local nonprofit focused on providing housing for families in need. Across its three West Austin communities, it offers 338 rent-restricted units for tenants making 30%-60% of the area MFI. In western Travis County, one major barrier for affordable housing is public transportation.
“I don’t think there’s less of a need; it’s just the infrastructure is not there to help lower-income folks,” said Mandy Lewis, Foundation Community’s director of family property management.
For both Lakeway and Bee Cave, the majority of people who work there do not live there, U.S. Census Bureau data shows.
“It will benefit families that need to work in that area but maybe have a lower income point, whether they are working in the schools or up and down RM 620,” said Ann Howard, Travis County Precinct 3 commissioner. “It would be so much more restful for a family that’s going to work out there to live out there.”
The city of Bee Cave made a commitment to build affordable housing on a plot of city-owned land in February 2024, but no movement has been made on the plan since City Council amended possible funding avenues for the project in July 2024, city officials said.
Next steps
To Howard, the incoming developments represent stability.
“There’s a lot of assets out there to build a fabulous community, and so they need housing at all price points,” Howard said.
Jovie Lakeway is expected to be open for move-in June 9, while site development for 23 detached townhouses at The Townhomes at the Square at Lakeway is currently underway, with vertical construction expected in the next seven to eight months.
The Villas at Cardinal Hills was 88% complete in January according to Travis County documents, and plans to open later this year.
Developers with Villas at Cardinal Hills did not respond to requests for comment as of press time.
