A joint venture between Pearlstone Partners and ATCO Properties & Management has secured $130 million in construction financing for a 284-unit condominium tower in Austin. MSD Partners provided the loan for Vesper, a 41-story tower in the metro’s Rainey Street Historic District. The partnership’s total investment in the high-rise is $165 million. Construction is already underway and the first units are slated to be delivered in 2024.
The project will rise on 0.4-acre site at 84 E. Ave., and is set to feature penthouses as well as one- and two-bedroom units, at an average size of 975 square feet. Planned common-area amenities include a rooftop clubhouse, sky-deck pool, cabana, lounge and fitness center. A coworking space will also be available on the ground floor. The rear lobby will have a public art gallery and direct access to Rainey Street.
Vesper will be less than 2 miles southeast of downtown Austin’s dining, retail, employment and entertainment venues. Waller Beach at Town Lake Metropolitan Park will be less than half a mile south of the planned community, while the Texas State Capitol will be a mile and a half away.
STG is the community’s architect, Wuest Group provides civil engineering services and McCray & Co. is handling interior design. Dwg is the landscape architect, with AECOM Hunt the general contractor. Prospect Real Estate will be in charge of condo sales.
This development is intended to be affordable to the middle-class, just like Pearlstone Partners’ other “attainable” residential projects in downtown Austin.