Sweid & Sweid, a Dubai-based developer, has unveiled plans for its second project in the US, a 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.
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The project announcement as the company is set to deliver the first units in The Haywood, its first development in the US. The Haywood also features 372 residential units and is located adjacent to the Double Creek II site.
Maher Sweid, managing partner of Sweid & Sweid, said the new project was being driven both as a result of The Haywood’s success and a continued appetite for investment into the burgeoning Austin housing market.
“Interest in our first US project The Haywood certainly exceeded our initial expectations, and Double Creek II has surpassed those levels,” he said. “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.”
Austin hosts many US tech giants including Apple, 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 percent) in the whole of Texas.
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Sweid said Double Creek II targets the growing white-collar workforce currently relocating to Austin, attracted by employment opportunities, cultural and lifestyle offerings.
Tom Arnold, managing director of Sweid & Sweid America, added: “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.
“Double Creek II is well positioned to capitalize on the strength of this market by delivering the right product at the right time.”
Sweid & Sweid also said a third multifamily residence project in Phoenix Scottsdale is set to launch by the third quarter of 2021.