An angel investor bought an 8.5-acre property in an Austin, Texas, suburb and used it to develop an apartment complex.
The project, called the Angel Landing, will be built on the former site of a military barracks.
It includes apartments, office space, a community garden and community spaces.
According to a press release from the Austin-based investment company that bought the land, Angel Landing Properties LLC, the land will be used for commercial and residential development, including “up to five rental apartments.”
The project will be a “significant catalyst for economic growth” for the area, said Daniel Rupprecht, managing director of Angel Landing Partners.
The land is part of a larger development on the site that includes more than 1,100 residential units, and the apartments will be made up of one to three bedrooms, Ruppfert said.
There will be “a mix of tenants, ranging from small to large,” Ruppert said in the press release.
“We anticipate this will provide some really great development opportunities for the surrounding area,” Rolfe said.
Angel Landing Properties, which is based in Austin, bought the site from the city in November.
Ruppreich said that, while he did not know exactly how much money the Angel landing was worth, he estimated the total investment was in the hundreds of thousands of dollars.
“I think we’ll probably see it go a little higher,” Ripprecht said.
He said the project will “provide a new economic base for the neighborhood,” adding that it will also be a boon to the Austin area’s tourism industry.
Rippreich, who owns property in a neighboring town, said he is excited to work with the city and surrounding area.
“The Angel Landing will be an exciting addition to the city, bringing more visitors to the area and hopefully revitalizing the area,” he said.
Rapprecht has been working with the Austin city on the project.
In addition to being an investor in the Angel land, Ripprch also has a business in Austin and has a family in the city.
“There is a lot of potential here,” he told the Austin American-Statesman.RAPPRECHT said that the Angel Land project is a new addition to his portfolio, but he does not know how much the land has been valued.
He added that he has invested in a number of land deals and he plans to do the same.