Criterion Property Co. Announces First Development in the Lone Star State

AUGUST 04, 2006 -- Austin, Texas -- Criterion Property Co. LP, a Boston-based real estate operating company, announced the commencement of development here on the company’s first project in the Texas market.

Windsor at Bee Caves Village, a 293-unit luxury garden apartment community, will be located on Highway 71 in the Village of Bee Caves. The community’s location offers convenient access to employment and recreation centers along Highways 71 and 620. Construction began in February with a completion date in June of 2007.

“Austin is very vibrant,” Chris Harris, chief financial officer of Criterion Property Co. LP, told MHN. “Everyone is projecting rental apartment growth. It’s a market that has become bigger over the past five, six years. The market is big enough to build several projects at once.”

Criterion will offer the latest luxury amenities including access to the Hill Country Galleria and the Shops at the Galleria, both adjacent to the 19-acre site. The community will include a full-service, 7,000-sq.-ft. community center complete with swimming pool, spa and game room.

Other luxury amenities include garage and carport parking, private balconies, nine and 10-foot ceilings, open-floor plan with bar top seating, fully applianced designer kitchens and washer and dryer connections.

Washington Mutual Bank of Dallas provided debt financing for the project. The general contractor was Watermark Construction.