in Austin, Texas. Transwestern Development Co. acquired nearly 0.5 acres and will construct a 139-unit community with a 2,500-square-foot restaurant space in East Sixth, a thriving entertainment district just east of downtown Austin. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/83c63c8f-8c35-49a6-b5c6-bc1307a7ef95 Younger generations like millennials have personal incomes that arent growing as fast as rental rates in most areas, yet they want to live in the middle of restaurants, bars and entertainment areas, said Josh Delk, vice president at Transwestern Development Co. This project will answer that growing demand for more efficient, affordable living space that is located close to numerous amenities. Groundbreaking is scheduled for June 2016 with the first units expected to deliver in August 2017. The 55,814-square-foot property will consist primarily of 350-square-foot studio units and 520-square-foot, two-bedroom units. The fully furnished apartments will maximize space through built-in storage units and flexible furniture systems such as Murphy beds, hideaway kitchen modules and convertible tables. Located less than one block from the Plaza Saltillo metro station, Indie Apartments is in a rapidly gentrifying area of Austin that has embraced the arts as well as the local food scene. The project will feature a large communal area that will flow from the inside of the lobby into the outdoor courtyard, which will feature fire pits and outdoor televisions. The development and design team maximized space by including 108 below-grade parking spaces, as the residential population in the area embraces walking, biking, light rail and ridesharing as alternatives to owning a vehicle and parking is in lesser demand than traditional multifamily projects.
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