Sweid & Sweid has announced its first project as part of their expansion plan into the US
Sweid & Sweid, the Dubai-based real estate firm behind the Middle East’s first Banyan Tree Residences and Visa’s upcoming Middle East headquarters has announced its first project as part of an aggressive expansion plan into the United States; the Double Creek Apartments – a 372 unit residential development in Austin, Texas.
Maher Sweid, Managing Partner at Sweid & Sweid commented: “After two years of planning we are excited to formally announce our expansion into the U.S. and are confident that this project will produce exceptional results. Launching this project will provide our investor base with a more diversified investment platform to tap into the burgeoning U.S. real estate market, whilst enjoying the quality and delivery assurance of the Sweid & Sweid brand.”
“At Sweid & Sweid we have the unique capability to leverage our experience as developers and offer direct investment opportunities into the development and construction phase of a project. This provides higher yields, better downside protection, and greater returns than the more traditional platforms which rely on the acquisition of existing assets in foreign markets such as the U.S.” he added.
Austin is the capital of Texas and was selected by the Urban Land Institute and Pricewaterhouse Coopers, as the #1 rated city for overall real estate prospects in their industry-leading Emerging Trends report for 2020. Demand for residential developments in Austin has been growing at a rapid pace, with the city adding 1.3 million residents since 1990 and its annual population growth projected to grow at double the U.S. national growth rate for the coming years.
The class-A apartment complex will have a built area of 400,000 square feet across twelve buildings and will be developed on a 13.7-acre plot, with construction having already commenced this week and scheduled for completion in 2021.