Michaels Organization Breaks Ground on $59M Zoey Apartment Community in Austin

AUSTIN, TEXAS — The Michaels Organization, a residential development and management firm, has broken ground on Zoey, a $59 million apartment community located at 5700 E. Riverside Drive in the Pleasant Valley neighborhood of Austin. The property will feature 307 units in studio, one- and two-bedroom formats and amenities such as a pool, dog wash station, fitness center, coworking spaces and resident lounges. Completion of the project, which will be Michaels’ first in Austin, is slated for late summer 2021. Dallas-based MSC Architects LLC is designing the community. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia delivered an unnamed New York City-based REIT as an equity partner for the project.