 "Photo: Elizabeth Moskowitz")
A new condominium building opening this summer could potentially attracting students who want to make a real estate investment.
Located on two acres off South Congress Avenue and Crockett Street, units in 2020 Congress Condos will start at $96,900 and not exceed $199,900, which rivals many of the complexes located in downtown, said David Kline, a UT alumnus and president of Kline Ventures, the project's developer. Each condo will include stainless steel appliances, granite counter tops, pedestal sinks in the bathrooms and hardwood floors.
"This community will not only be unique because of its price but also because it is built on two acres, unlike the other high?rises which are much more dense," Kline said.
Kline's demographics include young professionals looking to buy their first homes. The condos also target Austin's student population and their parents.
"A lot of students are looking at making investments," said Stacy Armijo, spokeswoman for the development.
Many UT students' parents have been making investments in condominiums as well.
Human development and family sciences freshman Ashley Brannon's parents have made an investment at Benchmark Condos in North Campus.
"The majority of the people who live in my complex are students whose parents bought the condo as an investment. They let their child live there and rent the other bedroom to other students looking for a place to live," Brannon said.
Brannon's parents pay much more for the condo she lives in than the condos that Kline is offering, but her parents offer a slightly reduced rent and include utilities such as water and electricity.
"It's convenient for me, and my parents are going to turn a profit," Brannon said.
Kline said when he started at UT, he was a civil engineering student for a semester and a half before he switching to corporate communications. During the spring of his junior year, he earned a real estate license and acquired his first property before graduating.
Kline Properties started accepting contracts last weekend and will open the first 43 units this summer. The other 60 units will open in the fall.
"South Congress is one of the top places to buy homes so I expect these condos to go extremely fast," Kline said.
Be the first to comment on this article!