Mosaic Breaks Ground on Largest Build-to-Rent Community in Austin, Texas Suburb
Georgetown, TX (September 7, 2023) – Mosaic, the nation’s leading institutional grade build-to-rent general contractor, has broken ground on Avilla Berry Creek, Georgetown’s largest luxury build-to-rent community to-date. Mosaic is collaborating with premier BTR developer, NexMetro Communities, for both companies’ first groundbreaking in the Austin metropolitan area.
The average cost to own a home in the Austin metropolitan area is $3,801 per month, with high-end rentals leasing for only $2,951 on average, according to Redfin. This cost of living difference has encouraged BTR development in the region, ranking Austin amongst the top 10 markets nationally according to Rentcafe.
“Austin has experienced over 2% YoY population growth over the last decade and residential development has not kept up. Build-to-rent communities provide valuable housing options for residents who rent, whether by preference or circumstance,” says Kyle AuBuchon, Managing Director of Development East at Mosaic. “The start of this community comes at a critical time as high interest rates are pricing those who seek high-quality housing out of the for-sale market. Avilla Berry Creek will ease the region’s housing shortage with exceptional rental homes.”
Offering 224 cottage-style apartments, Avilla Berry Creek includes a mixture of one-, two-, and three-bedroom single-family detached homes and duplexes. Homes in the community range from 690 to 1,265 square feet and will include private backyards and front patios. Residents will enjoy a pool and clubhouse, community garden, open space areas, and a dog park across the 25-acre site. The total development cost of the project is $66 million.
“The explosive population growth in the greater Austin metro area has led to a construction housing boom to keep up with the demand,” says Jason Flory, Managing Director for NexMetro’s Austin Division. “As interest rates inch upward, more potential homebuyers have lost purchasing power, which makes our Avilla luxury leased home lifestyle offering even more appealing to consumers of all walks of life.”
Mosaic and NexMetro Communities are both based in Arizona where they are also building Avilla Palomino, a build-to-rent community in Glendale. NexMetro’s local division is based in Austin.