The Kelsey Apartment Homes at Scofield Farms: May 2023 Construction Update

We are excited to share the latest progress and updates on The Kelsey Apartment Homes at Scofield Farms.

Jesse avatar
Written by Jesse
Updated over a week ago

Property Update

Development Renaming: The project now bears the name 'The Kelsey Apartment Homes at Scofield Farms.' This name honors the origin of the site as part of a large operating farm, blending the area's natural beauty and history with its vibrant tech presence today.

Construction Progress: Framing of the Clubhouse and Buildings 1 through 5 (Phases I and II) is well underway, with the commencement of framing for Buildings 6, 7, and 8 (Phase III) scheduled to start this month. All project utilities and retention ponds are fully completed, with ongoing construction progress evident in the attached photos. Projected completion remains on track for the Clubhouse in June and the first residential building in August, with the entire project estimated to conclude in Q1 2024.

Current Challenges: Rising interest rates and inflationary pressures continue to be challenging in the current economic climate, particularly with regard to material and labor costs. Despite this, the high demand for housing in Austin's market and insufficient supply continue to make multi-family properties a lucrative investment.

Marketing and Leasing: Our website is now live with a preleasing page for potential residents to register their interest. Visit The Kelsey Apartment Homes at Scofield Farms to view and sign up.

Project Overview: The Kelsey Apartment Homes includes 383 Class A units, with construction financing provided by Interbank and equity from International Capital and Bonner Carrington Investors. The projected rent rates reflect the current trends in Austin's market, increasing from the original $1.85 psf to an anticipated $2.11 psf at lease signing.

Projected Exit Price and Timing: Recent comparable multifamily property sales have ranged between $310,000 to $322,000 per unit, which aligns favorably with our original proforma exit price. Our sale timing remains consistent with our original proforma, planning for late 2025.

We thank all our stakeholders for their ongoing support and trust in HappyNest. As always, feel free to reach out if you have any questions or need further information.

Best Regards,

Jesse Prince

CEO, HappyNest

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