Sweid & Sweid, a Dubai-based developer, has officially unveiled plans for its second project in the US, an expansive residential development located in Austin, Texas. 

 

When complete, Double Creek II will feature 372 one and two-bedroom Class-A apartments distributed across three buildings on a land area of more than 15 acres.

 

The project announcement follows the successful delivery of The Haywood, which is due to deliver its first units this May and is Sweid & Sweid's first development in the US.

 

The Haywood too houses 372 residential units and is located adjacent to the Double Creek II site, stated the Emirati developer. 

 

Upon initial offering, Double Creek II has been very well received by all stakeholders involved with the project, remarked Maher Sweid, Managing Partner of Sweid & Sweid.

 

It was driven both as a result of The Haywood's success, and a continued appetite for investment into the burgeoning Austin housing market, he noted. 

 

"Interest in our first US project, The Haywood, certainly exceeded our initial expectations, and Double Creek II has surpassed those levels," observed Sweid.

 

"With Double Creek II, we are delivering a product that meets the requirements of the residential market in South Austin, which is currently undersupplied, due in part to some hugely significant recent corporate relocations," he added.

 

Double Creek II targets the growing white-collar workforce currently relocating to Austin, attracted by employment opportunities, cultural and lifestyle offerings. 

 

The corporate line-up in Austin reads like a who's who of globally renowned US tech firms, with Giga Texas, a Tesla Gigafactory scheduled to complete towards the end of 2021, an Apple Campus (with the capacity to accommodate 15,000 employees), as well as Amazon, Google, Facebook, and the new Oracle Headquarters. 

 

In the last 12 months, more than 36,000 jobs were created in Austin, and the city boasts the lowest unemployment rate (5.3%) in the whole of Texas. With the creation of 44,000 jobs forecast during 2021, employment prospects for Austin look set to remain robust.

 

Tom Arnold, Managing Director of Sweid & Sweid America, said: "The US housing market has been something of a bright spot during the Covid-19 pandemic, with the multifamily asset class performing well and projected to continue to deliver exceptional returns."

 

"With Austin continuing to grow from an economic and demographic perspective, Double Creek II is well positioned to capitalize on the strength of this market by delivering the right product at the right time, he added.-TradeArabia News Service