Millegan Creek Apartments
Is This Project Likely To Be Successful?
Location, Product, Pricing
Given the information, this project seems promising for success assuming high occupancy levels. The Millegan Creek Apartments would be a 390 unit apartment project in Williamson County, for a proposed $15,715,000 loan. It would be about 11 miles northwest of the CBD and close to many of Austin’s high tech companies. This location would be beneficial because it can service many of the high tech companies’ employees and since the apartments are being built as a typical luxury apartment complex, it will be more appealing to these employees. JPI had begun to search for the ideal location for the Millegan Creek Apartments in 1993. They sought an area with employment growth. They had first noticed that existing apartment complexes on Jollyville Road had outperformed many other apartments in Austin during the economic downturn in the mid-1980s. However, the expensive price for sites in that area steered JPI to consider the area to the North of Jollyville Road and outside of the Austin City limits. Since it was outside the City of Austin, property taxes would be lower and zoning approval would be easier. JPI decided to further investigate and negotiate with Texas Commerce Bank, which had foreclosed on the property in the late 1980s.
JPI manages and develops apartments and continually tries to refine and improve their buildings and amenity packages. JPI is focusing on making the Millegan Creek Apartments as one of their typical luxury apartment complexes. Therefore, it would target renters with high discretionary incomes whom chose a lifestyle choice to live in rental apartments but could most likely afford a single home. The site amenities would include two swimming pools, a clubhouse, fitness center with sauna and steam rooms, and laundry facilities. Each apartment would have the standard features of nine-foot ceilings, security system, crown molding and upgraded white on white appliances. During
Location, Product, Pricing
Given the information, this project seems promising for success assuming high occupancy levels. The Millegan Creek Apartments would be a 390 unit apartment project in Williamson County, for a proposed $15,715,000 loan. It would be about 11 miles northwest of the CBD and close to many of Austin’s high tech companies. This location would be beneficial because it can service many of the high tech companies’ employees and since the apartments are being built as a typical luxury apartment complex, it will be more appealing to these employees. JPI had begun to search for the ideal location for the Millegan Creek Apartments in 1993. They sought an area with employment growth. They had first noticed that existing apartment complexes on Jollyville Road had outperformed many other apartments in Austin during the economic downturn in the mid-1980s. However, the expensive price for sites in that area steered JPI to consider the area to the North of Jollyville Road and outside of the Austin City limits. Since it was outside the City of Austin, property taxes would be lower and zoning approval would be easier. JPI decided to further investigate and negotiate with Texas Commerce Bank, which had foreclosed on the property in the late 1980s.
JPI manages and develops apartments and continually tries to refine and improve their buildings and amenity packages. JPI is focusing on making the Millegan Creek Apartments as one of their typical luxury apartment complexes. Therefore, it would target renters with high discretionary incomes whom chose a lifestyle choice to live in rental apartments but could most likely afford a single home. The site amenities would include two swimming pools, a clubhouse, fitness center with sauna and steam rooms, and laundry facilities. Each apartment would have the standard features of nine-foot ceilings, security system, crown molding and upgraded white on white appliances. During