Housing Authority of the City of Austin purchases apartment complex in Northwest Austin to turn into affordable units

The Royce at 8100
In mid-December, the Austin Affordable Housing Corporation, a nonprofit subsidiary of the Housing Authority of the City of Austin, finalized the purchase of the former Broadstone 8 One Hundred apartment complex at the corner of Anderson Mill Road and West Parmer and rebranded it as The Royce at 8100. (Iain Oldman/Community Impact Newspaper)

In mid-December, the Austin Affordable Housing Corporation, a nonprofit subsidiary of the Housing Authority of the City of Austin, finalized the purchase of the former Broadstone 8 One Hundred apartment complex at the corner of Anderson Mill Road and West Parmer and rebranded it as The Royce at 8100. (Iain Oldman/Community Impact Newspaper)

Hundreds of below market-rate apartment units are now available along the high-growth West Parmer Lane corridor following the purchase of the complex by a local affordable housing advocacy nonprofit.

In mid-December, the Austin Affordable Housing Corporation, a nonprofit subsidiary of the Housing Authority of the City of Austin, finalized the purchase of the former Broadstone 8 One Hundred apartment complex at the corner of Anderson Mill Road and West Parmer and rebranded it as The Royce at 8100.

Following the $73 million acquisition, which was funded by private capital and equity provided by Belveron Partners, HACA has added 376 total units to its affordable housing portfolio, according to Ron Kowal, vice president of asset management and housing development for HACA.

“This furthers our mission to create affordability where affordability doesn’t exist. It is an exciting time to be able to provide these units to people who would not usually be able to experience this property,” Kowal told Community Impact Newspaper.

HACA will price at least half of the units at The Royce, which was built in 2015, to serve residents at or below 80% of Austin’s median family income. According to the city of Austin’s Neighborhood Housing and Community Development Office, the 80% MFI limit for a single-person household in Travis County is currently $54,700. For a family of four, that same threshold is $78,100.


Kowal said HACA will further set aside approximately 30 units at The Royce for individuals and families earning 60% or less of Austin’s MFI. For an individual, that equates to $41,000, and for a family of four, that comes out to $58,550 annually.

The Royce will also be open to residents who hold Section 8 vouchers, Kowal said.

Rents on the property will start at $1,095 per month for a one-bedroom unit and $1,350 for a two-bedroom unit, Kowal said. He added the complex is currently at about 95% capacity, and as tenants turn over, rents will be adjusted to reflect the new affordable rates for qualifying residents.

“We are actually dropping rents, not raising rents, in order to meet these affordability goals,” Kowal said. “We come in, and we assure those in the affordable category that they don’t have to worry about a rent increase.”

For HACA, this apartment complex—which Kowal said initially became available for sale over the summer—can now provide high-quality, affordable housing to people in an area where affordable housing may become more and more scarce.

The Royce is located just one mile north of Apple Inc.’s upcoming campus site. As that site gets built out, it could bring as many as 15,000 white-collar employees who are likely to look for housing accommodations nearby. By securing this site now, Kowal said lower-income populations, such as service industry workers, have an opportunity to live at a comfortable price in the neighborhood where they work.

“We have an ability to lower rents in a high-opportunity area, which is unheard of,” Kowal said.
By Iain Oldman
Iain Oldman joined Community Impact Newspaper in 2017 after spending two years in Pittsburgh, Pa., where he covered Pittsburgh City Council. His byline has appeared in PublicSource, WESA-FM and Scranton-Times Tribune. Iain worked as the reporter for Community Impact Newspaper's flagship Round Rock/Pflugerville/Hutto edition and is now working as the editor for the Northwest Austin edition.


MOST RECENT

Council members and housing advocates held a press conference on the state of Austin's housing supply and affordability Nov. 30. (Ben Thompson/Community Impact Newspaper)
Council lays out priorities for addressing Austin's housing affordability, availability crunch

Officials are likely to vote on a series of policy updates aimed at affordability and housing supply over the coming months.

One group focused on safety during the Long-range Planning Committee's Nov. 30 meeting. (Maggie Quinlan/Community Impact Newspaper)
Austin ISD committee hears parents' concerns, discusses understaffing

Parents' concerns about unappealing food, security and other topics took center stage during the Nov. 30 meeting.

The city will negotiate its contracts will all three emergency services in the coming months. (Community Impact Newspaper staff)
City kicks off negations with Austin EMS Association

The city will negotiate its contracts will all three emergency services in the coming months

Photo of a crowd celebrating at a ribbon-cutting
Premier Martial Arts opens new West Anderson Lane studio

The mixed martial arts studio is locally owned and has several locations throughout Austin.

The World Health Organization listed the omicron variant as a “variant of concern” on Nov. 26. The variant was first reported in South Africa. (Courtesy Travis County)
Austin Public Health eyes movement of omicron variant, but has yet to detect a case

The Austin-Travis County area will also remain in Stage 3 because of moderate community transmission rates and rising cases nationwide.

Crust Pizza Co. is opening soon in Montgomery and Willis. (Courtesy Crust Pizza Co.)
CI TEXAS ROUNDUP: 5 businesses coming to McKinney; Crust Pizza Co. to open two locations in Montgomery, Willis and more top news

Take a look at the top five trending stories across Community Impact Newspaper’s coverage areas in Texas as of Nov. 30.

Assistant City Manager Rodney Gonzalez answered commissioners' and board members' questions at a Nov. 29 meeting. (Maggie Quinlan/Community Impact Newspaper)
South Austin public engagement threatened by land use commissions moving meeting place, commissioners say

Land use commissions are being asked to move meetings from City Hall to a new space in North Austin, but they say the move raises safety issues.

I Live Here I Give Here encourages individuals to donate to nonprofit organizations in their community. (Courtesy I Live Here I Give Here)
I Live Here I Give Here encourages Austinites to donate to local organizations Nov. 30

The nonprofit is encouraging the community to donate for Giving Tuesday on Nov. 30.

The median home price in the Round Rock, Pflugerville and Hutto area has risen considerably since last October. (Brian Rash/Community Impact Newspaper)
CI TEXAS ROUNDUP: Home sales, costs in Round Rock, Pflugerville and Hutto remain hotter than Greater Austin; Halal Guys opens in Pearland and more top news

Take a look at the top five trending stories across Community Impact Newspaper’s coverage areas in Texas as of Nov. 29.

The Austin Trail of Lights will open nighly from Nov. 28 through Dec. 31. (Courtesy Trail of Lights Foundation)
PHOTOS: Austin Trail of Lights returns to Zilker Park this week

The traditional holiday light show is open from Nov. 28 through New Year's Eve.

Commissioners on Nov. 22 voted to approve a density change to preliminary plans for The Preserve, a neighborhood that city documents said could include 565 single-family homes at the northeast corner of Teel and Panther Creek Parkways. (Courtesy city of Frisco)
CI TEXAS ROUNDUP: Neighborhood near PGA Frisco could see larger lots; ERCOT says Texas power grid ready for expected winter demand and more top news

Take a look at the top five trending stories across Community Impact Newspaper’s coverage areas in Texas as of Nov. 24.

Local and state officials have made statements welcoming Samsung to Taylor following the announcement that the city will be home to its new $17 billion semiconductor fabrication plant. (Courtesy KXAN)
State, local officials react to Texas governor, Samsung joint announcement

Local and state officials have made statements welcoming Samsung to Taylor following the announcement that the city will be home to its new $17 billion semiconductor fabrication plant.