Underway: 20-story $54M University House near UT Austin

AUSTIN – Construction has begun on the 185,000-sf University House just one block west of the University of Texas. The $54 million 20-story project is on the site of the former University Lutheran Student Center at 21st St. and San Antonio St.

The project, just one block west of the University of Texas at Austin campus, is expected to be completed by the start of fall semester 2016, and preleasing will begin summer 2015. The project includes 188 apartments with 504 beds.

A variety of fully furnished floor plans will be offered, including studio, one-, two-, three, and four-bedroom units. The building will also include a five-story covered parking facility.

University House will strictly cater to students and includes 6,000 sf of ground level retail that will be leased by the new University Lutheran Student Center. The religious-based organization first built on the site in 1971.

The total estimated cost is $53.5 million, according to Inland American Real Estate Trust. This represents 100 percent of the development’s estimated costs, including the acquisition cost of the land and building, if any, and excluding capitalized interest.

tags: Transwestern Apartment Market Watch 2014, multifamily market conditions 2014, Austin data, Texas student housing