The property, addressed at 441 Ron Road, will be developed by Aspen Heights Partners, an Austin-based real estate company that owns and operates similar neighborhoods around the country, according to TC Selman, vice president of the company.
New Braunfels City Council members during an Oct. 25 council meeting voted to approve a special use permit to allow multifamily residential use on the property, which is currently zoned as an agricultural/predevelopment district.
The SUP was required by the city because Aspen Heights plans to construct several detached, single-family residences on each lot, rather than the traditional single unit per lot model of single-family neighborhoods.
The homes will all be rental units, Selman said, a model which Aspen Heights has implemented throughout the country.
“People just cannot afford a lot of times to pay to buy, so they'll pay, basically to lease or rent a house,” Selman said.
The company will own and manage the properties and will be responsible for maintenance of the homes and the neighborhood.
Homes will be between 1,200-1,800 square feet, and rent will cost approximately $1,600-$2,300 per month, Selman said.
The neighborhood, which is to be named Bell Yard Zimmerman Hill, will include sidewalks, a swimming pool, a playground and an eight-foot privacy wall at the rear of the development.
