Real estate investor to complete Glenwood Apartments, a new apartment complex in Leander, Texas, by mid-2022

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Glenn Gonzalez of Obsidian Capital and the Glenwood Apartments (Obsidian Capital)

Work is set to begin on an 84-unit apartment complex in Leander, a bucolic town about 30 miles north of Austin in Williamson and Travis counties.

The Glenwood Apartments, on Baghdad Road, directly across from Leander High School, will have three floors, with a total of approximately 95,000 square feet. They will be adjacent to Bahama Buck’s and Dollar General, according to a report by the Community Impact newspaper.

The apartment complex will have one- and two-bedroom options and 126 parking spaces, and residents will have access to an amenity center that includes the rental office, internet cafe and lounge area.

“[Glenwood] is well located near restaurants, a theater, the high school, and [it’s] a safe neighborhood,” said Glenn Gonzales, owner of the property and CEO of Obsidian Capital Co. Glenwood Apartments is expected to be completed by spring next year and will include 10,000 square feet of retail and office space. .

With 35 years of real estate investing experience, Obsidian Capital has acquired over 6,000 units in the state of Texas alone, with over 400 million total acquisitions across the country. Gonzalez has helped sell those over 6,000 units since 2018.

Because it offers fewer amenities than other Class A apartments in the area, rent will be cheaper, Gonzales says.

Multifamily Texas is attracting growing investment as migration to the state accelerates, with developers building new apartments and investors buying existing properties at rising prices.

For example, California-based Tides Equities recently completed the purchase of a 181-unit apartment complex in Austin, its third multi-family acquisition in the Texas capital.

Another company, RockFarmer, bought a 210-unit apartment complex in the Austin area in April. The New York-based development and investment firm purchased the Sofia apartment complex on April 25 for an undisclosed price, marking its third venture in the Austin market and sixth in Texas.

[Community Impact Newspaper] —James Bell

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