In 2020, Lubert-Adler closed on a Joint Venture to build a 324-unit workforce housing garden apartment on 16-acres in Austin, TX known as Decker Crossing. The property was designed to be constructed at a lower basis to target more affordable rental rates than typical new construction.
Decker Crossing is located 1 mile from route 183, a major North-South throughfare, near major employers, including Tesla, Oracle, Samsung, Google, and Texas Mutual, amongst others, and just minutes from major retail and entertainment centers.
The $44 million development includes a resort style pool with grills and a dining area, resident lounge with kitchen / arcade, fitness center, dog park, playground, electric vehicle charging stations, and an adjacent community park with walking trails and picnic areas.
The property was sold after 16-months of acquisition, once construction was substantially complete.