General Investment and Development announced on Mar. 20 plans for a $65 million, 194-unit multifamily project in the Bell District of Cedar Park. The development comes as the Austin area continues to experience a long period of declining rents, though recent data suggests the trend may be easing.
The new apartments will be built within the 54-acre Bell District, which is anchored by a recently opened public library. According to a state filing, the building will wrap around a precast parking deck with about 530 spaces, and construction is expected to finish in late 2028. The cost per unit is estimated at approximately $335,000.
RedLeaf Partners was selected by the city in 2019 as master developer for the Bell District, which aims to become “the heart of Cedar Park,” according to city statements. Construction began in 2021, and the first building—the Cedar Park Public Library—opened in 2024. The district will also feature street-level retail and restaurant space.
The apartment project, called The Residences at Bell, will eventually be joined by The Brownstones townhome community. This expansion reflects ongoing investment despite market challenges. Rent declines have persisted for more than two years after developers responded to population growth with increased supply. At the start of this year, Austin’s average rent was $1,381—a drop of 4.8 percent from last January—marking the longest decline among major U.S. metro areas.
In Cedar Park specifically, February saw an average one-bedroom rent of $1,047 per month and an overall average rent of $1,389 per month—a year-over-year decrease of six percent. However, investors expect conditions to improve by 2027; apartment vacancy rates fell for the first time since 2021 during 2025 and ended that year at 14.1 percent.
Demand remains strong across Austin due to high absorption rates: over 3,100 units were absorbed in late 2025—the second-highest rate nationally relative to total supply. Meanwhile, home sales have also slowed in suburbs like Cedar Park; Williamson County saw deals fall by 4.5 percent year-over-year in 2025 and median sale prices drop by nearly three percent.
