River City Capital Partners, the Austin Affordable Housing Corp., LDG Multifamily and Battery Global Advisors have joined forces to create Parmer Gateway, a housing development for workers in and around Samsung’s semiconductor campus. Spanning four projects with 1,076 units in total, two of them are set to break ground next month.
The Austin Business Journal reports that the project is located near a major retail center as well as a 2-million square foot office campus which houses companies such as Apple, Qualcomm and BAE Systems. The rental units will be sold at market rate but families enrolled in the Housing Authority’s voucher program will also benefit from it; participants find their own housing within the authority’s jurisdiction and pay between 30% – 40% of their monthly income while vouchers cover any remaining rent costs.
The estimated cost for this development is $86 million USD.