In August of 2022, the developers of Capital Quarters implemented a new business model for their downtown living spaces. These units were designed to be shared with roommates and offered lower rates compared to other apartments in the area, but did not include parking. The project consisted of 30 three-bed, two-bath units with both furnished and unfurnished options available at $1,200 and $1,600 per month respectively.
Unfortunately, due to the impact of Covid-19 on the rental market, Capitol Quarters faced challenges in maintaining high occupancy rates despite its competitive pricing. As a result, Churchill Real Estate Holdings recently acquired ownership through a deed in lieu of foreclosure for this mid-rise apartment building located at 1108 Nueces St. This arrangement allows for voluntary transferal of property ownership from Weaver Buildings LLC (the developer) to avoid going through formal foreclosure proceedings.
According to reports from Austin Business Journal , this hybrid apartment model has been repossessed by lenders after just thirteen months since its launch date under Capital Quarter’s management.
