This morning the I visited the folks at 5th Street Commons. They kindly invited me for a tour of their new digs, and to discuss the incentives currently available to renters. Located on the outskirts of downtown Austin, the 150 apartments at the 5th Street Commons are sufficiently close enough to downtown to be included here.
What I like:
1) Ground floor retail and street side parking. Once fully occupied with commercial tenants this should become another walkable district.
2) Smart floor plans. At only 759/ft, the A1 plan is incredibly spacious with enough room for a dining table, kitchen island, and laundry room – without feeling cramped.
3) It’s equidistant to Whole Foods as the Sabine, and closer than Legacy on the Lake, Milago, etc.
4) Standard size washer and dryer included in all units
With advertised incentives, the rents are roughly 10-20% less than AMLI on 2nd or Monarch. Accounting for two months of free rent on a 12 month lease, one bedrooms should begin around $1300 (studios even less), two-bedrooms around $1700.