AUSTIN – Local real estate investment firm Wildhorn Capital LLC is moving forward with plans to redevelop hundreds of South Austin apartments.
The company wants to rezone the 530 units at 2207 Wickersham Lane and 2239 Cromwell Circle—Hillside Villas and The Patten, respectively—and raise the building height limit to as high as 120 feet.
The two properties were recently valued at more than $71 million.
Plans for The Patten include expanding to a 109-acre mixed-use community that will have thousands of new residences plus millions of square feet of office space.
The change would allow Wildhorn to create more than 2,000 apartments in an area close to Austin-Bergstrom International Airport and the headquarters of Oracle Corp., Austin’s largest tech employer.
In exchange for the added height, Wildhorn has promised to dedicate 91 of the over 2,000 apartments as affordable housing reserved for residents making 60 percent of the region’s median family income level.