Fairway and Oden Hughes break ground in Austin, Texas
Fairway Investments in conjunction with Oden Hughes, LLC has broken ground on the 350-unit Lenox Ridge luxury apartment community in North Austin that is scheduled to open in early 2019. Lenox Ridge is Fairway’s third equity raise that Fairway has led with Oden Hughes following Parkside Place in Houston, TX and Lenox Stone in San Antonio, TX.
This 10- acre site, located at the southeast corner of MoPac and Scofield Ridge Parkway, just a short distance north of The Domain, is sure to cater to the nearby tech-heavy workforce of young professionals as this property features an on-site Community Work Studio similar to the growing number of shared workspaces for lease throughout Austin.
In addition to the Community Work Studio, the 1,600-square-foot, second-floor studio will feature private and community offices, meeting rooms, managed Wi-Fi, printers, scanners, open-floor lounge and a hospitality bar.
This four-story community will be built out of light gauge steel, a relatively new material more commonly used in mid-to-high-rise construction. Provided by BlackSwan Steel, the material is measured, manufactured and fabricated at the company’s Houston-based facility, where 80 percent of the work required for framing construction will be completed before the material arrives at the job site.
“Lenox Ridge will allow young professionals to have the convenient, on-site work space they need without having to pay more for a larger apartment,” said Oden Hughes Vice President of Development Howell Beaver. “We think this unique community is a perfect fit for this dynamic area.”
This will be Fairway’s ninth deal in Austin. Oden Hughes Management will lease and manage the property.