News Releases

Trez Capital commits USD $33.3 million to an equity investment in Austin, Texas for Larkspur Apartment project

December 21, 2021

Toronto, ON – December 21, 2021 –Trez Capital announces the closing of a USD $33.3 million equity investment in partnership with Thompson Realty Capital, LLC for the development of a garden-style multi-family project in Austin, Texas. The project has a total development cost of USD $100 million– a key addition to the company’s development fund, the Trez Capital Private Real Estate Fund Trust (TPREF).

The Larkspur project is located in the Liberty Hill and Leander extraterritorial jurisdiction (ETJ) on the north side of Leander, one of North Austin’s fastest-growing suburbs. This project is an example of Trez Capital’s joint-venture partnership program which provides experienced developers with equity financing for value-add and ground-up developments in key markets with strong population, employment and GDP growth.

This project will be a two-phase development containing 504-unit garden-style apartments with a first-class leasing office, amenity center and resort-style pool. The project design will incorporate the natural landscape of the Texas Hill Country, preserving the mature live oaks on site.  Thompson Realty Capital will serve as property manager upon project completion. Trez Capital and Thompson Realty Capital have delivered three multi-family projects totaling 843 units throughout Texas, with realized returns exceeding 20.0% per annum for each project. Additionally, Trez Capital and Thompson Realty Capital have three other multi-family projects currently under construction in Texas totaling 896 units.  The Larkspur project marks the seventh joint-venture project with Trez Capital and Thompson Realty Capital.

“In areas such as Austin, Trez Capital targets investments in the multi-family, single-family-for-rent, industrial, and storage asset classes. Alongside our development partners, we strive to provide capital appreciation for investors through the development process and sustainable income from holding properties over the long-term,” said John D. Hutchinson, Global Head of Origination, Trez Capital. “The Larkspur project is a prime example of how boots-on-the-ground research and our investment thesis can provide strong returns over the long-term.”

Capitalizing on the growth from its previous equity investments, Trez Capital launched its development fund, TPREF in August of 2021. The fund offers among other things a long-term build-to-hold strategy, that aims to develop cash-flowing assets. Other development projects held as investments in TPREF include:

  • Red Oak, a USD $5.75 million equity commitment for 13 apartment buildings with 288 units in Red Oak, Texas.
  • Mirador, a USD $7.35 million equity commitment for the acquisition and development of approximately 1,400 acres of land in the Del Valle submarket of Austin that will be developed into approximately 2,200 single-family lots, pods containing approximately 1,000 paper lots, and approximately 120 acres of multi-family/commercial land. The project will be developed over six phases.
  • High Point Ranch, a USD $6.97 million equity commitment for the development of a residential community comprised of 1,824 single-family lots and 148 paper lots over six phases in Kaufman County, Texas.
  • Estrella Vista Homes, a USD $2.27 million equity commitment for the acquisition of 25 newly-built single-family homes in Laveen (MSA Phoenix), Arizona.
  • Parkway Station, a USD $7.42 million equity commitment for the acquisition of 131 newly built townhomes in Cartersville, Georgia.
  • Six storage facilities throughout Texas with a USD $18.5 million dollar equity commitment.

The fund has several other investments slated to close in late December 2021 and early 2022. Management anticipates that, by the end of 2022, TPREF will have invested in a portfolio of developments comprising over USD $1 billion in project value.

For more information about the financing of this investment and Trez Capital’s equity investment partnership program, please contact John Hutchinson, Global Head of Origination, at 214.545.0952 or

For more information about the Trez Capital Private Real Estate Fund Trust (TPREF), please contact Vikram Rajagopalan, Executive Managing Director, Global Head of Capital Raising, at 647.788.1787 or

About Trez Capital

Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, mortgage investment funds, syndication and joint-ventures and provides property developers and owners with quick approvals on flexible short- to mid-term financing. 

With offices across North America, Trez Corporate Group has over $3.9* billion CAD in assets under management and has funded over 1,600 transactions totaling more than $13.5 billion CAD since inception. For more information, visit (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $2.7 billion Manager AUM (Trez Capital Fund Management Limited Partnership)). The Dallas office has funded more than $5.1 billion in loans. For more information, visit