Starlight project reaches target occupancy in Austin, TX

Austin, TX – The Qualico US Region has reached target occupancy with Starlight, one of its multi-family joint-venture projects. Completed in spring 2023, Starlight is now 92% leased and 91% occupied.

LaNelle Deardorf, Regional Vice-President, Qualico US, said the targets for Starlight differ from the norm based on the city’s current average occupancy trends.

“We normally target 95% occupancy for our rental properties in Austin,” said LaNelle, “but with the recent oversupply of apartment units in this market, 90-95% is a reasonable goal. The city-wide average occupancy is around 88%, down from 91% in 2023.”

Starlight is a five-storey podium construction building with 325 apartment units, underground parking, and ground-level retail and restaurant space. Located on 2.3 acres just a few blocks from the MLK Jr. metro rail station and just minutes from downtown Austin and the University of Texas, the pet-friendly property offers studio, one-bedroom, and two-bedroom suites.

Amenities include a courtyard resort-style pool, a heated spa, private cabanas, a high-tech business centre with work spaces, a resident sky lounge with downtown views, and extensive top-tier landscaping.

According to LaNelle, there were a couple of factors that helped Qualico US see success and reach the target occupancy for Starlight.

“The onsite property manager was a specialist in lease-ups and has successfully leased up multiple Qualico/Ledcor joint-venture properties in Austin, most recently including The Pearl and The Vineyard,” she explained. “They also made strategic use of leasing incentives such as several weeks of free rent and gift cards during this challenging time in the Austin market.”

Units at Starlight have high-end finishes, including designer pendant lighting and rich hardwood flooring, and the chef-inspired kitchens come complete with sleek stainless-steel appliances, sophisticated quartz countertops, and custom black hardware. There are also large closets throughout and in-home washer and dryer sets. Some units also include a private balcony or an expansive kitchen island.

Starlight is an especially attractive housing option for young professionals and families who want to live in this popular neighbourhood, and with so much to offer, it’s no surprise that the property has hit its target occupancy.