THE PARK AT STONE CREEK
The Park at Stone Creek is a 420 unit, Class B garden-style apartment located in Austin’s Northeast submarket. Purchased in 2013, the property underwent a substantial renovation totaling more than $1,300,000 and is currently more than 95% occupied. The renovated units have achieved average increases of $205 per month over previous rents ($0.88 SF to $1.15 SF) and the property’s Net Operating Income has increased by over $1,000,000 since acquisition.
The City of Austin has established itself as a world leader in technology, innovation, energy, workforce development, music and creativity that has led to significant business expansion and overall growth. The City’s Economic Development Department (EDD) offers a unique model – one of just a few in the United States that presents great opportunities for Austin. To effectively support and recruit business in Austin, the Economic Development Department has integrated a core global focus while supporting local initiatives through Cultural Arts, Music, Redevelopment/Downtown, Economic and Small Business Program. The EDD strives to create a sustainable cultural and economic environment that enhances the vitality of Austin.