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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.
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