Aspen Heights Partners, a nine-year-old developer based in Austin best known for its student housing projects, is expanding into multifamily and condo development and construction in several markets.
The company has raised over $1 billion in capital, and is seeking land and equity partners to develop and build six multifamily housing buildings in metros with high demand and occupancy rates. Its initial targets are Denver, Raleigh, Atlanta, Nashville, Phoenix, Salt Lake City, and Orlando.
“We have always believed there are opportunities in the Millennial sector, and increasing opportunities with baby boomers, more of whom are becoming renters,” says Kevin Wisdom, Aspen Heights’ Executive Vice President, in an interview with BD+C.
Among the eight projects that Aspen Heights currently has under construction is The Independent, a 58-story multifamily high rise that, at 658 feet, would be the tallest building in Austin and the tallest residential structure west of the Mississippi River. The $300 million tower will include 370 luxury condos and 13,500 sf of retail space, as well as a dog park, children’s area, pool and spa, fitness center, yoga and barre studio, and theater.
Also under construction is a 22-story building with 196 apartments on 8th and Nueces Streets in Austin, scheduled for completion in the first quarter of 2016; and a project in South Austin comprised of six 3- and 4-story buildings with a total of 345 garden-style apartments (pictured).
Also under construction is a 22-story building with 196 apartments on 8th and Nueces Streets in Austin, scheduled for completion in the first quarter of 2016; and a project in South Austin comprised of six 3- and 4-story buildings with a total of 345 garden-style apartments. It begins leasing in late 2016.
The firm’s move into multifamily is occurring as this sector’s construction activity continues to drive the nation’s residential building activity. The number of privately owned housing units started in structures with five or more units rose by 21.3% in November to an annualized rate of 398,000 units, according to the latest Census Bureau estimates. Multifamily permits were up 38.9% to 539,000 units, and multifamily completions jumped 25.4% to an annualized 306,000 units.
But Aspen Heights is entering a very crowded field. In Greater Atlanta, 11,000 new multifamily apartments are underway and 11,500 more are in planning stages. Alliance Residential, for example, just started construction on Broadstone Ridge, a five-story mixed-use development within walking distance of the Chattahoochee National Recreation Area and the new Atlanta Braves stadium. When it opens in 2017, Broadstone Ridge will feature 277 apartments and 8,000 sf of ground-floor retail space.
Aspen Heights reportedly has put a parcel of land under contract in either the Buckhead or Midtown neighborhood of Atlanta for a 250-unit high rise. Wisdom is quoted as saying that this would be one of two multifamily projects that his firm wants to build in ATL.
Wisdom tells BD+C that his company “has a preference” for high-density multifamily in “urban-pedestrian environments.” However, it is also looking for infill opportunities that might not necessarily be high rises.
As for competition, Greg Henry, Aspen Heights’ founder and CEO, says that his firm believes it can apply its student housing expertise to multifamily, which presumably would include open floor plans, natural lighting, and upscale kitchens and bathrooms, with the homes themselves integrated into walkable urban areas.
Wisdom tells BD+C that his firm’s products will differentiate themselves by their architectural design and services. Among the design firms Aspen Heights Partners is working with are Merriman Associates/Architects, Rohde & Associates, and GFF in Dallas.
Long term, Aspen Heights Partners has aspirations of being a national multifamily developer and builder, he says.
Related Stories
| Aug 11, 2010
And the world's tallest building is…
At more than 2,600 feet high, the Burj Dubai (right) can still lay claim to the title of world's tallest building—although like all other super-tall buildings, its exact height will have to be recalculated now that the Council on Tall Buildings and Urban Habitat (CTBUH) announced a change to its height criteria.
| Aug 11, 2010
Luxury high-rise meets major milestone
A topping off ceremony was held in late October for 400 Fifth Avenue, a 57,000-sf high-rise that includes a 214-room luxury hotel and 190 high-end residential condominiums. Developed by Bizzi & Partners Development and designed by Gwathmey Siegel & Associates Architects, the 60-story tower in midtown Manhattan sits atop a smaller-scale 10-story base, which creates a street façade t...
| Aug 11, 2010
Mixed-use Seattle high-rise earns LEED Gold
Seattle’s 2201 Westlake development became the city’s first mixed-use and high-rise residential project to earn LEED Gold. Located in Seattle’s South Lake Union neighborhood, the newly completed 450,000-sf complex includes 300,000 sf of Class A office space, 135 luxury condominiums (known as Enso), and 25,000 sf of retail space.
| Aug 11, 2010
Triangular tower targets travelers
Chicago-based Goettsch Partners is designing a new mixed-use high-rise for the Chinese city of Dalian, located on the Yellow Sea coast. Developed by Hong Kong-based China Resources Land Limited, the tower will have almost 1.1 million sf, which includes a 377-room Grand Hyatt hotel, 84 apartments, three restaurants, banquet space, and a spa and fitness center.
| Aug 11, 2010
Brooklyn's tallest building reaches 514 feet
With the Brooklyner now topped off, the 514-foot-high apartment tower is Brooklyn's tallest building. Designed by New York-based Gerner Kronick + Valcarcel Architects and developed by The Clarett Group, the soaring 51-story tower is constructed of cast-in-place concrete and clad with window walls and decorative metal panels.
| Aug 11, 2010
RMJM unveils design details for $1B green development in Turkey
RMJM has unveiled the design for the $1 billion Varyap Meridian development it is master planning in Istanbul, Turkey's Atasehir district, a new residential and business district. Set on a highly visible site that features panoramic views stretching from the Bosporus Strait in the west to the Sea of Marmara to the south, the 372,000-square-meter development includes a 60-story tower, 1,500 resi...
| Aug 11, 2010
'Feebate' program to reward green buildings in Portland, Ore.
Officials in Portland, Ore., have proposed a green building incentive program that would be the first of its kind in the U.S. Under the program, new commercial buildings, 20,000 sf or larger, that meet Oregon's state building code would be assessed a fee by the city of up to $3.46/sf. The fee would be waived for buildings that achieve LEED Silver certification from the U.
| Aug 11, 2010
Colonnade fixes setback problem in Brooklyn condo project
The New York firm Scarano Architects was brought in by the developers of Olive Park condominiums in the Williamsburg section of Brooklyn to bring the facility up to code after frame out was completed. The architects designed colonnades along the building's perimeter to create the 15-foot setback required by the New York City Planning Commission.
| Aug 11, 2010
U.S. firm designing massive Taiwan project
MulvannyG2 Architecture is designing one of Taipei, Taiwan's largest urban redevelopment projects. The Bellevue, Wash., firm is working with developer The Global Team Group to create Aquapearl, a mixed-use complex that's part of the Taipei government's "Good Looking Taipei 2010" initiative to spur redevelopment of the city's Songjian District.
| Aug 11, 2010
Recycled Pavers Elevate Rooftop Patio
The new three-story building at 3015 16th Street in Minot, N.D., houses the headquarters of building owner Investors Real Estate Trust (IRET), as well as ground-floor retail space and 71 rental apartments. The 215,000-sf mixed-use building occupies most of the small site, while parking takes up the remainder.
