RangeWater Breaks Ground in Austin
Austin. Image by MJ Tangonan on UnsplashMultifamily real estate company RangeWater has commenced construction on The Darby, a new development in the Austin suburb of Manor, Texas. The Darby will feature 326 apartments and 24 townhouses spread across a 25-acre property. The company plans to deliver the first apartments in the fourth quarter of next year.
The garden-style apartments will be joined by townhouses that will offer three bedrooms, two-and-a-half baths, garages and private outdoor areas. A fitness center will be among The Darby’s leading common-area amenities.
RangeWater closed on the parcel three months ago, starting construction the following month. The property is located in the Texas Hill Country, near the Shadow Glen Golf Club and the Austin Executive Airport, not far away from Interstate 290.
Fast growing
Manor is among the fastest-growing suburbs in the nation. Its growth is tied to the rapid expansion of job hubs in the Austin area, along with the many lifestyle lures of the Lone Star capital. Among major employment centers is a $1.1 billion Tesla assembly plant and a $1 billion Apple campus, as well as a new Amazon distribution facility.
Austin’s music and entertainment scene, including attractions like South by Southwest and Austin City Limits, is also helping attract new residents from across the U.S.
Founded in 2006, RangeWater has acquired, developed, managed and invested in multifamily communities across the Southwest and Southeast. The company acquired, refurbished and sold Eastside Station near downtown Austin in November 2020. The ground-up development of The Darby signals the company’s return to the swiftly expanding Austin market. Earlier this year, RangeWater announced plans to develop a single-family rental community in Boulder, Colo.
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