Palladius Capital Management, a vertically-integrated real estate investment manager focused on pursuing multifamily, student housing, hospitality and select thematic investment strategies, announced the acquisition of Citizen House Kyle, a 342-unit Class-A multifamily asset in the high-growth South Austin suburb of Kyle, Texas.

Located along the I-35 Innovation Corridor, Citizen House Kyle was completed in 2022 and is part of the larger Dry River District, a 65-acre mixed-use community being developed by Endeavor that includes multifamily, medical and retail space. The property offers luxury one- and two-bedroom units and an array of amenities, including a resort-style pool, resident clubhouse, high-tech fitness center, outdoor lounge, and co-working space.

Chexal and Director of Investments Nick Maupin, who led the Citizen House Kyle transaction, as well as the rest of the Palladius team have significant experience investing along the Innovation Corridor, having deployed more than $350 million across value-add and core-plus rental housing in this region since 2014. The firm believes the explosive growth from the corridor’s main metros will continue to spill over into surrounding areas like Kyle, which has seen its population increase over 85 percent since 2010. Further demonstrating the area’s strong fundamentals, Hays County – where Kyle is located – was ranked as the second fastest growing large county in the country according to U.S. Census Bureau data.

The Innovation Corridor’s growing population has led to increased demand for high-quality rental housing like Citizen House Kyle as the prices for single-family homes in the area continue to rise. Citizen House Kyle is located 15 minutes from Austin’s central business district and 15 minutes from San Marcos – two major employment centers that are home to companies like Amazon, Tesla, Seton Medical, HBO, Best Buy and H-E-B. The property is within walking distance of over 300,000 square feet of retail space, including a Starbucks, Home Depot, Costco (under construction), a variety of dining options, and Evo Entertainment, a 75,000-square-foot entertainment center with eleven screens, a 14-lane bowling alley, and an arcade.

GenCap Partners, Inc. expands its Austin real estate investment portfolio with the acquisition of 26 acres of the Manor Crossing mixed-use development in Manor, Texas to build a 2-phase, 586-unit apartment community. The new project, The Park at Manor Crossing, will be located on the northwest corner of SH290 and FM973 within the mixed-use Manor Crossing Development, which will include a grocery anchor and other national retailers. The site is located within a convenient commute to expanding tech companies in the East Austin area such as Tesla and Samsung.

The first 301-unit phase of The Park at Manor Crossing is anticipated to begin construction by the 4th quarter of 2022. Phase II will include an additional 285 homes with construction commencement targeted for the 4th quarter of 2024 and move-ins by the summer of 2026.

“We’re excited to be a part of this well-timed, master-planned development in Manor, one of the fastest growing cities in Texas. Housing in the Manor area of town is sorely needed as many new residents are moving to this submarket for the fast-growing job market driven by the relocation of large employers nearby. We plan to be one of the premier housing options for these new residents, as our project will be among the most attractive and highly amenitized in the market,” says David Castilla, CEO of GenCap Partners, Inc. “We are designing one of our newer product mixes of traditional multifamily homes, but will also offer residents townhomes and other larger units that are popular as single-family home prices have made home ownership unattainable for many.”

The Park at Manor Crossing community will be built to the National Green Building Standard Bronze certification level. The design of the community also seeks to integrate foot and bike traffic within the master-planned development. When complete, the surrounding master-planned development will showcase over 200,000 square feet of commercial space, including a grocery store, retail and restaurants, and even a new K-8 school being built by the Manor Independent School District. The project will include scenic walking paths around two large water features with fountains as well as practical pedestrian paths connecting the community to the new school and retail areas.

With the development’s proximity to Highway 130, the area’s key north-south thoroughfare, this commuter-friendly location is convenient to major tech giant employers such as Telsa’s $1+ billion Gigafactory to the south and Samsung’s $17 billion semiconductor plant under development to the northeast. Manor’s population is currently growing at a rate of 17% per year and has increased by 286% since the 2010 census. Based on this accelerated trajectory, Manor is poised to be one of the fastest-growing suburbs in the Austin MSA area.

The Park at Manor Crossing will offer upscale studio, one, two, and three-bedroom apartment homes and multilevel townhomes with den layouts. Carefully curated community amenities will include an expansive outdoor swimming pool with grilling area, alfresco dining, resident clubhouse, onsite dog park and pet spa, exquisitely landscaped courtyards, and a club-quality fitness center with cardio equipment, golf simulator, group fitness area, yoga studio, and TRX system. Residents will also enjoy access to convenient coworking spaces and a conference room, a package locker system, community-wide Wi-Fi, controlled entry and guest access, garage parking, EV-charging stations, dedicated bike storage, and opportunities for additional storage space.

Apartment interiors will be designed with modern comforts in mind, including nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, pull-down faucets, kitchen islands, soft-close cabinets, in-home washers and dryers, walk-in closets, built-in shelving, USB ports, keyless entry system and smart thermostats, and additional high-end features. Bathrooms will boast single or double vanities, linen closets, soaking tubs, and walk-in showers.

The Park at Manor Crossing adds to GenCap Partners, Inc.’s growing Austin presence, as the company continues to multiply its project pipeline throughout central Texas. Currently, GenCap Partners has 1,964 units in planning or development in the Austin area.

About GenCap

GenCap Partners, Inc. provides real estate investment advisory, asset management, and development services to domestic and international investors in core markets in the Southern USA. The firm focuses on creating value and superior returns for its clients through investments in multifamily and office products.

GenCap Partners develops between $300 million and $400 million in new multifamily projects annually.

For more information, contact David E. Castilla at dcastilla@gencappartners.com.

Austin, Texas—September 13, 2022. Austin-based Legend Communities, a full-service development manager of residential properties, today announced the launch of Rough Hollow Realty (RHR), the exclusive in-house sales company for Lakeway master-planned lakeside community Rough Hollow. The company is simultaneously introducing Rough Hollow’s much awaited, newest luxury hilltop neighborhood Hacienda Heights.

“As Rough Hollow approaches its final phases, the formation of Rough Hollow Realty made sense,” said Bill Hayes, Legend Communities Chief Operating Officer. “We understand the significance of meeting the market demands which is why now is the right time to establish Rough Hollow Realty.”

RHR, located within the Rough Hollow Welcome Center, is equipped with a team of professionals that have been involved since the beginning of development. Prospective clients visiting the Welcome Center will continue to receive the same exceptional service as always, just with an added layer of expertise. RHR can guide clients through discovery of Rough Hollow, with an emphasis on supporting their builder partners and custom homesites, including Hacienda Heights.

The RHR sales team will be led by seasoned real estate professionals Staci Wimbush and Kristin Deloney. Together Wimbush and Deloney bring 25+ years of experience in the residential real estate industry with extensive knowledge of land development, new home construction, contract negotiation and design through their respective roles with Legend Communities and Rough Hollow. In addition to being RHR Sales Associates, Wimbush will continue to serve as Director of Sales and Marketing and Deloney as Senior Real Estate Manager for Legend Communities.

In conjunction with opening Rough Hollow Realty, Legend Communities unveiled Hacienda Heights, the 26th neighborhood within the amenity-rich master planned community. On Thursday, July 28th, VIP guests were invited to view the homesites and meet with the selected luxury home builders. The highly-anticipated neighborhood, located at the highest elevation in Rough Hollow at 1100’ above sea level, will meet consumer demand featuring 15 custom home sites with future custom designed homes averaging at least 3,500 square feet. Award-winning and long-standing Rough Hollow builders Arbogast Custom Homes, Laurel Haven Homes, and Sterling Custom Homes have been tapped to offer the custom home designs in Hacienda Heights. The neighborhood offers sweeping panoramic views of the Hill Country, Lake Travis, and Lakeway and average land and home builds are expected to start at $3M+.

“We are thrilled to unveil Rough Hollow’s newest neighborhood and partner with these exceptional home builders,” said Hayes. “We look forward to continuing to provide custom home options for individuals looking to be part of the Lakeway and Lake Travis community.”

Hacienda Heights will be the first neighborhood that Rough Hollow Realty will represent.

“We are excited to be able to use our talented and experienced team of real estate development professionals to manage the marketing and custom home site sales for Rough Hollow as it reaches its final phases,” said Hayes. “Our knowledge of every facet of this jewel of a community makes us uniquely positioned to be able to give it the attention it deserves.”

Life in Rough Hollow is a boater’s dream, with the 65-mile Lake Travis and an array of water activities only minutes away. Even closer to homeowners’ doorsteps, Rough Hollow offers amenities unmatched by any other lakeside community, including the Rough Hollow Yacht Club & Marina, Rough Hollow’s all season Event Pavilion with demonstration kitchen, and water-themed Highland Village featuring a lazy river, splash pads, children’s pool, adult pool with swim-up bar, a village green and an open-air marketplace giving residents a place to socialize, dine, play and relax.

Pre-sales for Hacienda Heights are expected to begin this month. For information on sales at Hacienda Heights, call 512-617-1776 or visit www.roughhollowlakeway.com. For more information on Rough Hollow Realty visit www.roughhollowrealty.com or call 512.291.6202.

About Legend Communities

Headquartered in Lakeway, Texas, Legend Communities is a full-service development manager of single-family residential, multi-family residential, active adult communities and associated commercial projects in Central Texas, California and Colorado. Legend Communities and its affiliate company in California have earned recognition for their projects from several highly regarded local and national industry associations, including the U.S. Department of Housing and Urban Development (HUD), the Urban Land Institute (ULI), the National Association of Home Builders, and the City of Austin Green Builder Program. The company emphasizes giving back to the communities in which it operates through business, civic and charitable contributions. For more information about Legend Communities, please visit www.LegendCommunitiesinc.com.

About Rough Hollow Realty

Rough Hollow Realty (RHR) founded in 2022, is the exclusive real estate firm for master-planned community Rough Hollow. RHR team members have more than 25 years of combined experience within residential real estate, land development, new home construction, contract negotiation, design and more and understand that navigating the home buying process can be tricky, which is why having an expert local realtor is imperative. The RHR team of experienced agents specialize in luxury lakeside real estate, including throughout Rough Hollow and along the spectacular Lake Travis shoreline. Visit www.roughhollowrealty.com to learn more.