StreetLights Residential has completed The Asher, a 377-unit rental community that is part of the company’s multiphase Presidio luxury multifamily development in northwest Austin growing Lakeline neighborhood.
The company, a national multifamily and mixed-use developer, had strong demand for the first phases, The Elizabeth, a 377-unit luxury apartment community completed in 2019, and The Michael, a 415-unit apartment and townhome community which opened in 2016. Last October, StreetLights Residential began construction of The Maris, the 276-unit fourth phase of the Presidio developments.
Greg Coutant, vice president of development at the Dallas-based firm, said in a prepared statement that Austin has been a powerful development hub for the company’s properties, with increased interest in each new multifamily project. In addition to the Presidio properties, the firm has completed The Bowen, a 340-unit luxury high-rise in The Domain; Flatiron Domain, a five-story luxury community; The Catherine, a 19-story, 300-unit luxury high-rise in downtown Austin; and The Kenzie at The Domain, a six-story, 279-unit building.
Features of The Asher
StreetLights Residential broke ground on the property at 13460 Lyndhurst St. in September 2021. Truist Bank funded a $51.3 million construction loan for the development, according to Yardi Matrix data.
The Asher offers one-, two- and three-bedroom floorplans ranging in size from 676 to 1,763 square feet. Rents range from $1,832 to $3,498, with an average of $2,362, according to Yardi Matrix data. Apartment features include granite countertops and tile backsplashes, custom flooring, a dine-in island, urban mudrooms, custom cabinetry, washers and dryers, spa-inspired bathrooms, oversized walk-in closets and Sonos smart speakers. Select units also offer smart home features, a surface flooring option, oversized outdoor living spaces and screened porches.
Outdoor amenities include a pool and courtyard with entertaining space and a private yoga lawn. The property’s indoor amenities include a lounge area with flexible coworking spaces, a craft space, coffee bar, kitchen and lounge area with space for personal projects or cooking classes. The property also has two private dining areas for dinner parties or coworking, a fitness center with cardio and strength equipment and flex room with spin bikes, fitness echelon mirror and ballet barre, a pet wash and spa and secure interior bike storage.
The property offers electric vehicle charging stations and a total of 589 parking spaces with covered parking available for an additional fee each month. Metro Rail and a bus station are within walking distance. More than 2 million square feet of shopping and dining opportunities are nearby.
StreetLights Creative Studios was the architect of record, handling all interior design in-house. SLR Construction was the general contractor on the project.
Expanding Sun Belt portfolio
Elsewhere in Texas, StreetLights Residential partnered with Hunt Cos. in May 2022 to announce plans to develop The Langley, a 134-unit luxury apartment community in Houston. Later that year, the company sold the Rylan, a 126-unit community in downtown Vista, Calif., to Rockwood Capital. The property had been completed in 2020 and included 12,000 square feet of ground-floor retail.
In December 2021, StreetLights Residential broke ground on The Alyssa, a 335-unit community in Tempe, Ariz. It was the firm’s five multifamily project in Arizona and second in Tempe at the time.
