Mosaic and NexMetro kick off $66m Avilla Berry Creek project in Austin
US-based general contractor Mosaic has partnered with NexMetro Communities for the groundbreaking of Avilla Berry Creek, the largest luxury build-to-rent community in Georgetown to-date, and their first in the Austin metropolitan area. The total development cost for the project is $66 million.
The Appeal of Build-to-Rent in Austin’s Real Estate Market
According to data from Redfin, the average cost to own a home in the Austin metropolitan area is $3,801 per month, compared to $2,951 for high-end rentals. These cost disparities have contributed to Austin’s rank among the top 10 national markets for build-to-rent (BTR) development, as stated by Rentcafe. “Austin has experienced over 2% year-on-year (YoY) population growth over the last decade and residential development has not kept pace,” said Kyle AuBuchon, Managing Director of Development East at Mosaic. “Avilla Berry Creek will ease the region’s housing shortage with exceptional rental homes.”
What Avilla Berry Creek Offers to Austin Residents
The Avilla Berry Creek project will offer 224 cottage-style apartments, including a mix of one-, two-, and three-bedroom single-family detached homes and duplexes. The homes will range from 690 to 1,265 square feet and feature private backyards and front patios. The 25-acre community will also include a pool and clubhouse, community garden, open space areas, and a dog park.
Mosaic and NexMetro: Building More than Just Homes
“The explosive population growth in the greater Austin metro area has led to a construction housing boom,” said Jason Flory, Managing Director for NexMetro’s Austin Division. “As interest rates rise, more potential homebuyers lose purchasing power, making our Avilla luxury leased home lifestyle even more appealing.” Both Mosaic and NexMetro are Arizona-based companies also collaborating on Avilla Palomino, another build-to-rent community in Glendale, Arizona.