LV Collective, an Austin-based multifamily and student housing developer, announced it has delivered its latest project, Waterloo Tower located at 2400 Seton, a few blocks from the University of Texas at Austin. The 30-story multifamily, student-oriented building broke ground in 2020, near the start of the pandemic, and was delivered ahead of schedule.
Totaling 229,728 square feet, the development has 241 units and 796 beds. The project reached 100% occupancy during the pre-leasing period and residents have begun moving in for the fall 2022 semester.
The first of its height in West Campus, the 300-foot Waterloo Tower was made possible by the density bonus amendment made to the University Neighborhood Overlay in November 2019. With UNO, developers can build more units than are allowed by a site's base zoning if they agree to set aside a portion of units for income-restricted affordable housing as defined by the city's SMART Housing programs. For Waterloo Tower, this meant allocating two floors, or 20% of the total units, to affordable housing. The calculations resulted in 10% of the units going to residents earning no more than 60% of Austin's median family income and the other 10% of the units for those earning no more than 50% of the MFI.
"After several years of community stakeholder involvement, we're extremely proud to be the first student housing development completed as a result of 2019's UNO amendment and to provide students with this caliber of housing in West Campus," says David Kanne, CEO at LV Collective. "Partnering with JE Dunn, we were able to complete the project on time and Chelsea Kloss, our director of interiors and curation, ensured the property was thoughtfully-designed with spaces that capture the vivacity of UT Austin students, as well as provide our residents and guests with an amenity-rich experience designed to accommodate and enrich the college lifestyle."
A highlight of Waterloo Tower's lobby experience is Daydreamer Coffee, which occupies the lobby and serves residents handcrafted espresso drinks, coffee, tea, and artisan pastries and snacks. Outfitted with private cabana style seating areas, a hot tub and waterfall edge pool that cascades into the city skyline, tenants have access to a rooftop amenity level with unobstructed views of both downtown Austin, the Hill Country, and the UT campus.
Waterloo Tower's location along 24th Street sits just off of The Drag, providing seamless access to the popular restaurants and retail spaces in West Campus. It is also pedestrian-friendly to the University of Texas at Austin campus, ideally connecting residents and guests to the businesses and academic services they need.
LV Collective is best known for its successful multifamily, student-oriented developments in Austin, Texas, including The Ruckus, The Ruckus 2.0 and Moontower.
JE Dunn was the general contractor on the project and Boka Powell was the architect. TBG Partners was the landscape architect, DCI served as structural engineer and Quest Group was the civil engineer. Chelsea Kloss Interiors served as the interior designer.
About LV Collective LV Collective is an Austin, Texas-based real estate investment firm focused on acquiring, developing, and managing high-quality real estate in superior locations throughout the United States. Since its founding in 2012, LV Collective has expanded the business to include student housing and multifamily assets in excess of $3 billion. For more information, visit: https://lvcollective.com/overview. For renderings, logos, headshots and additional media assets, visit https://lvcollective.canto.com/.