Parkspring Announces The Lucille, a 240-Unit Class A Community in Fredericksburg

FREDERICKSBURG, Texas, March 3, 2026 /PRNewswire/ -- Parkspring Multifamily is set to break ground on The Lucille, a 240-unit Class A garden-style apartment community on Friendship Lane just west of Main Street in Fredericksburg, Texas. Located on a 14.28-acre site in the heart of the Texas Hill Country, the project reflects Parkspring's continued expansion across high-growth Texas markets and its focus on delivering thoughtfully designed communities that elevate the resident experience.

The Lucille will bring new Class A housing to a market with limited new multifamily supply and strong demand fundamentals. Existing stabilized properties operate at high occupancy levels, and the development is positioned to serve both local residents and professionals drawn to Fredericksburg's growing regional connectivity to Austin and San Antonio.

"Fredericksburg is one of the most unique and dynamic small markets in Texas," said Geoff Simpson, co-founder of Parkspring. "With strong tourism, expanding regional connectivity, and a documented housing shortage, The Lucille represents an opportunity to deliver high-quality housing in a market that clearly needs it."

The community will feature 240 residences across 156 one-bedroom and 84 two-bedroom homes. The Lucille is designed as a Class A product, offering premium finishes, curated amenities, and modern floor plans that reflect the expectations of today's renters.

Each residence will include stainless steel appliances, quartz countertops, wood-style plank flooring, walk-in closets, and modern technology features.

Community amenities will include a resort-style pool, state-of-the-art fitness center, upscale clubroom, game room with golf simulator, dedicated co-working spaces, covered parking, oversized detached garages, a fenced pet park, package room and much more. The amenity mix is designed to support both full-time residents and professionals who value flexibility and convenience.

The Lucille also benefits from its proximity to the forthcoming Waldorf Astoria Texas Hill Country, scheduled to open in 2027. The arrival of this internationally recognized luxury brand is expected to further enhance the area's economic profile and reinforce Fredericksburg's position as a premier Hill Country destination.

"At Parkspring, our focus is simple. Find strong markets. Design communities that residents are proud to call home. Execute with discipline," said Matthew Stewart, co-founder of Parkspring. "The Lucille reflects that approach and builds on our track record of delivering institutional-quality multifamily developments across Texas and beyond."

Construction is expected to begin imminently, with first deliveries anticipated in 2028 and full completion projected shortly thereafter.

Parkspring is a Texas-based real estate investment and development firm with a track record of developing and acquiring more than 32,000 multifamily units nationwide, representing more than $3.2 billion in total capitalization. The firm focuses on creating high-quality communities that enhance the resident experience while delivering disciplined returns to its investment partners.

SOURCE Parkspring Multifamily