A large grassy field in rural Bastrop, Texas will become an apartment complex.

Atlanta-based developer Wood Partners purchased a 26-acre parcel from Houston-based builder Pearl River Companies. Wood plans to build a 650-unit condominium project at the intersection of Highway 71 and FM 969 for completion within the next two years.

The apartments will form part of a larger mixed-use development within the Pearl River masterplan. The project will extend west from the Burleson Crossing Mall on 75 acres and include retail, entertainment, dining, medical and residential developments. Pearl River expects to complete the project within two to three years.

Pearl River is focused on master-planned communities and has been working on it since at least 2021. That year, one of the company’s entities purchased a 74-acre parcel from Erhard Legacy Partners. This land now forms the backbone of the project. While the sale price was not disclosed, the deed mentions a $14.3 million mortgage with Prosperity Bank and another $5.6 million note with Holmes/Bastrop Loan LP.

The company bought another 25 acres March 2023 from Blakey Owner Apartments near this location.

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New multifamily projects have slowed in recent months as construction costs and acquisition debt have risen, making the deal a little different from current market conditions. Avison Young, which arranged the sale, said in a statement that it was selling “with an emphasis on the lifestyle community of the larger mixed-use development”.

The development will be one of Bastrop’s largest multifamily projects to date. In this growing town of more than 10,000 people, a search for apartments on the market this week found 91 results.not far away Fast-Rising Cities Along Interstate 35, spreading from Austin to farther afield.Elon Musk has moved several of his companies to the outskirts of the city, reportedly considering Build a city in Bastrop.

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