Highlights
• The first condominium development in Texas post-1980s recession
• Managed an abandoned project into sold out development
• Began Symcox’s leadership in the Austin condominium market

 
 

 

Brigadoon Town Homes have the distinction of being the first new condominiums constructed in the State of Texas following the mid-1980s recession. The project, completed in 1996, introduced Jay Symcox to what was then a completely underutilized sector of new construction in Texas—condominiums and town homes. Today, Symcox is Austin’s leading developer in this highly specialized niche.

Brigadoon is a 64-unit development in northwest Austin, located one-half mile from MOPAC between Duval Road and Parmer Lane. A local homebuilder originally had developed the 6.5 acre site, but due to the economic downturn, the project was halted mid-construction – leaving a few apartments built and an eyesore. No subsequent work or upkeep had been done on the property when Jay Symcox and his partners acquired it in 1994.

This development was truly innovative and groundbreaking for Austin at that time – Texas was adopting its Uniform Condominium Act just as Symcox began generating condominium documents for this project. Since the law was new and no condominiums had been built in the state for nearly a decade, it was hard to find either lawyers or lenders with the knowledge to proceed. Symcox finally located one of the original authors of the act, who provided outstanding, up-to-date documents as well as the expertise needed to get Fannie Mae and FHA approvals.

Symcox Development purchased the existing units with an acquisition and rehabilitation loan, and worked with the existing architecture and site plan to complete a total renovation. The entire project was completed and sold over the course of two years and was a huge investment success and win for the neighborhood as well.