StreetLights Residential purchased 8.5 acres within the Austin Presidio development for a luxury multifamily community, real estate firm Transwestern announced March 9.

The project is estimated to cost over $50 million and will feature 373 homes. Construction is scheduled to begin this month and will be completed in early 2020.

The Austin Presidio is a 129-acre mixed-use project located northeast of the intersection of SH 45 and North Lake Creek Parkway. It differs from The Presidio development planned for the southwest corner of Parmer Lane and Ranch Trails Court.