May 20, 2024

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Pearlstone Breaks Ground in Austin Condo Project

1 min read

Knighthead Funding provided 75 million dollars in construction financing.

Pearlstone Partnershas begun construction on Montage, an 182-unit condo project in South Lamar, Austin, Texas. The project is financed by a 75 million dollar construction loan provided by Knighthead funding.

According to the Austin Towers, STG Design is the architect of this project, and Summit Design Build is the general contractor. The completion is expected to be in the second half 2024.

The four-story building will include studio, one and two-bedroom layouts as well as 6,000 square foot of retail space on the ground floor. The property will include 18 affordable studios, aimed at individuals who earn less than 80 percent of the Area Median Income (AMI), as required by the Vertical Mixed-Use Zoning Program. The market-rate units will be priced on average at least 20% below the cost of other new homes.

The site was previously used as a car park. The property is located within 3 miles of downtown Austin and within easy reach of Interstate 35. This allows for easy access to major employers and other points of interest in the Metro. The upcoming development is within walking distance to a variety of dining, shopping and entertainment options.

Yardi Matrix data shows that 12 multifamily developments totaling 3,423 apartments have been built in metro Austin since the start of the year. The city’s multifamily housing market is still thriving despite economic challenges, largely due to corporate relocations.

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