By Shonda Novak
Outlet: Austin American-Statesman
Published on Jan 29, 2024
With a $33.5 million construction loan from Aztec Group, Austin-based homebuilder Onx Inc. is moving forward on the first phase of a housing development that will bring more than 900 homes to Georgetown over the next few years.
Hundreds of homes are headed for fast-growing Georgetown, north of Austin in the five-county Central Texas region..
Aztec Group’s Brell Tarich and Jason Shapiro arranged $33.25 million in construction financing for the first phase of the single-family housing development. Aztec is a real estate investment and merchant banking firm based in Miami.
The builder, Onx Group, is a Texas-based residential developer that uses cutting-edge technology to streamline the pre-construction, manufacturing and assembly process. Through its proprietary construction method — X+ — Onx manufactures individual rooms, bathroom pods, walls and more at offsite production facilities near its housing developments.
In November, Onx leased 400,000 square feet of warehouse space in Georgetown to manufacture components for the homes in that market.
Named Rocking Wilco, the homes are being built with a pioneering form of construction that results in finished homes in turnarounds of less than 60 days, outpacing the conventional industry average of six to nine months, according to Onx Group.
The 300-acre development is northwest of Ronald Reagan Boulevard. The project, to be built in six phases based on market demand, ultimately is expected to have 921 homes.
The price range for the homes has not been released. However, the houses are expected to be priced competitively with other new-home communities for first time and move-up buyers in the area, which typically start around $500,000.
The average home size will be about 2,000 square feet.
The first 141 homes, on 46 acres, are expected to be ready for residents by the middle of this year. The land is being prepared for construction.
Onx’s portfolio to date has more than 5,000 homes under development across Florida and Texas, with other sites identified for future projects across the southeastern U.S.
“Rocking Wilco benefits from an outstanding location in one of the Austin MSA’s up-and-coming areas,” said Brell Tarich, director at Aztec Group.