Pearlstone Breaks Ground on Austin Condo Project
Knighthead Funding has provided $75 million in construction financing.
Pearlstone Partners has broken ground on Montage, a 182-unit condominium project in the South Lamar area of Austin, Texas. The development is subject to a $75 million construction loan from Knighthead Funding.
The project’s architect is STG Design, while Summit Design Build serves as general contractor, as reported by the Austin Towers. Completion is expected in the second half of 2024.
The four-story property will feature studio, one- and two-bedroom floorplans, as well as more than 6,000 square feet of ground-floor retail space. It will also include 18 studios designated as affordable, targeting individuals that earn 80 percent or less of the AMI, as required by the city’s Vertical Mixed-Use zoning program. On average, the market rate units are also expected be priced at least 20 percent below other new homes in the area.
Located at 2323 S. Lamar Blvd., the site that was formerly used as a parking lot. The property is within some 3 miles from downtown Austin, within an accessible range of Interstate 35, providing easy access to large employers and points of interest throughout the metro. Numerous dining, retail and entertainment options are within walking distance of the upcoming development.
Yardi Matrix information shows that since the beginning of the year, 12 multifamily projects have broken ground in metro Austin, totaling 3,423 units. Despite economic headwinds, the city’s multifamily market has remained in a privileged position, mostly due to company relocations.