Embrey Partners’ latest Austin area development starts leasing
With dramatic hilltops and 20-mile views, San Antonio-based Embrey Partners, with equity partner Nationwide Insurance, has opened its latest Austin project, the Estates at Bee Cave. Located at 3544 South Ranch Road 620 in southwest Austin, the Estates at Bee Cave are a 24-acre, 316-unit, luxury condominium community now available for lease in one of Austin’s most desirable neighborhoods.
“We think Bee Cave is one of the most unique communities in which Embrey has ever built,” says Jeff Booth, Embrey’s executive vice president of development and the partner responsible for the Estates project. “We are excited to build something beautiful and creative that not only contributes to the uniqueness of the City, but exceeds expectations in its own right.”
According to the original development agreement for the property that dated back to 1999, rights for the 35 acres would have included a much more commercial, dense development, carrying tremendous traffic and environmental impacts. Working closely with Embrey and Ash Creek Homes, the City was able to negotiate an amended development agreement with significant density reduction, potential traffic impacts reduced by 50 percent, and a softer residential development with large natural areas more compatible with the adjacent neighborhoods.
“The topography of the land is particularly spectacular, and we’ve taken great care in crafting the community to make the best use of what nature has already created,” adds Booth. Designed by Austin architectural firm Kelly Grossman, the project – with its abundant open space and tree safe areas – is home to three tiers of residential buildings that climb to the top of the property where residents can take in stunning, 360-degree views.
Located just a mile from both the Hill Country Galleria retail development and one of the best school districts in the Austin area, the one-, two- and three-bedroom condominiums feature executive class interiors with custom cabinetry and granite countertops in all kitchens and baths. Community features have been designed to take full advantage of the landscape, including a resort-style clubhouse and pool area that wrap around a beautiful wooded ravine. Units range in size from 683 to 1,428 square feet with an average monthly rate approaching $1,400. The largest three-bedroom, two-bath homes with a two car direct-access garage, washer and dryer and hill top views will command as much as $2,300 monthly.
With their innovative design and quality craftsmanship, Embrey properties often command the highest values in the markets in which they are built. “Five of the last eight properties we’ve built achieved the highest value ever attained for this type of development in their respective cities,” says Booth.
As an example, Booth cites his last San Antonio development where the average income of the residents topped $200,000 annually — almost double that of the local demographic.
With care to preserve the existing natural features, including a creek crossing and wooded native hill country, the Estates also incorporates water quality elements and run–off re-irrigation techniques as a way of preventing impurities from flowing back into the natural drainage features of the area. The development also utilizes a grey water landscape irrigation system that does not impact the precious water resources of the area and will provide irrigation to the landscaping regardless of drought conditions.
The property is professionally managed by Embrey Management Services. For more information, visit www.EstatesAtBeeCave.com.
About Embrey Partners
Now celebrating its 40th year, San Antonio-based Embrey Partners, Ltd., is a developer, builder and manager of multi-family and commercial assets in select markets across the United States. Since 1974, Embrey has developed more than 31,000 apartments, condominiums and six million square feet of commercial space. Partnering with major financial institutions, pension funds, individual investors and Fortune 500 companies, Embrey as the general partner has completed these developments for individual investment purposes and through joint venture transactions.
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