• Canyon Partners Real Estate LLC and The NRP Group LLC announced a combined investment of $7.5 million to go toward construction of a 337-unit apartment building.
  • Units in The Ranch at Parmer Lane will range from one to three bedrooms and feature granite countertops and stainless steel appliances.
  • Cedar Park is near many of the top companies in Austin but has a lower cost of living and higher livability rating.

The growth of Austin continues with a new 337-unit luxury apartment community planned for construction just outside the city.

On June 14, Canyon Partners Real Estate LLC announced a joint venture equity investment with The NRP Group LLC of $7.5 million that will go toward the construction of the luxury apartment complex. Construction will begin on the building in June in the city of Cedar Park, which is located about 17 miles from downtown Austin.

Named The Ranch at Parmer Lane, the building will house one, two and three-bedroom units. Each unit is slated to have sleek and modern furnishings, including granite countertops and stainless steel appliances.

Residents will also have access to parking. A total of 585 parking spaces are expected, which will include 78 carport spaces and 70 attached garage spaces.

Units are expected to be ready by August 2017 and will feature most, if not all, of the amenities and add-ons that buyers and renters are seeking. A clubhouse facility, WiFi center, gaming room with TVs, 24-hour fitness center and resort-style pool are just a few of the perks the building will have to offer its residents.

Growing community of Cedar Park

Cedar Park is one of the Austin area’s most thriving suburbs. According to the most recent data available by the Census Bureau from 2013, Cedar Park is home to 61,238 residents. After seeing a dip of about 8,000 residents in 2009 to 2010, the population has continued to climb since.

Cedar Park, Texas/ Flickr user mirsasha

Cedar Park, Texas/ Flickr user mirsasha

One of the most desirable traits of Cedar Park is its close proximity to top companies in the area, as well as easy access to the Austin metro’s major roadways. And the other desirable trait? The lower cost of living.

According to Areavibes, the cost of living in Cedar Park is about 9 percent higher than the state of Texas. But in Austin, the cost of living index was reported 16 percent higher than the rest of the Lone Star State. While Austin recieved a livability score of 80 from Areavibes — which is considered extremely livable — Cedar Park is considered more livable, with a score of 86, or exceptionally livable.

Email Kimberly Manning

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