Rainey Street Residential Condominiums that Allow Owners to Live In or Rent Out Their Homes Outperform Sales Projections
AUSTIN, Texas—September 8, 2021. Austin-based Pearlstone Partners and Miami-based Newgard Development Group today announced Natiivo Austin is completely sold out and gave a construction update on the project, their high-rise residential condominium development. Natiivo Austin is located at 48 East Avenue in the Rainey Street Historic District at the southeastern edge of downtown. Prospect Real Estate is the exclusive listing agent for the trendsetting new residential high-rise development.
“All 248 residential units sold out ahead of schedule and beating all our projections,” said Prospect Real Estate Vice President of Sales Denise Bodman. “Due to unprecedented market conditions and the extremely low single-family home inventory, Prospect has seen an Increasing demand for residential homes in the urban core.
Bodman said Prospect wrote 97 sales contracts in March through May of this year, primarily to second-home buyers and investors. She expects to begin closing on the units by the end of the year or in January 2022, at latest.
“Construction is nearing completion, and I can confidently say, Natiivo Austin is one of the most dramatic high-rise buildings on the downtown horizon,” said Pearlstone Partners CEO Robert Lee. “The construction team has started owner punch list walk-throughs on levels 10 through 14 and is gearing up for city inspections, which will be followed by furniture installation.”
Over the past few months, Natiivo’s exterior has undergone striking changes, as the construction crew installed the bronze and champagne metal panels and glass handrails that are so distinctive to its design. Level 1 exterior glass has now been installed, and the event space and level 1 lobby are being readied for sheetrock and finishes. The pool coping and rooftop pavers are being installed, as the luxurious level 33 amenity deck takes shape. Crews are putting the final touches on the garage screen and ACM panels, with level one site work ongoing.
Natiivo Austin is a 33-story high-rise condominium tower featuring 248 residences, including studios and one- and two-bedroom units, available fully furnished and appointed with upscale amenities. Owners will enjoy 24-hour concierge service and valet parking, co-working spaces, a lobby coffee bar with barista, café lounge with grab-and-go options, and a wine and beer lounge. Natiivo’s 18,000 square-foot amenity area includes a terrace and garden on the tenth floor, an outdoor fitness lawn, dog park, and spa-inspired fitness center and yoga room. In addition to spectacular city views, the 33rd floor rooftop deck boasts a 60-foot resort-style pool with water lounge chairs, private cabanas and an outdoor fireplace. Natiivo owners are only a short distance away from miles of hike-and-bike trails lining Lady Bird Lake.
A first-of-its-kind concept in residential living, Natiivo Austin offers the conventional benefits of ownership combined with the ease and service of a high-end hotel, including concierge bookings, housekeeping, grocery delivery, laundry service and an array of upscale hospitality amenities. Natiivo owners can purchase a fully furnished unit and list it for rent, either on a home-sharing platform of their choosing or through Natiivo Managed. With the second option, MasterHost handles all reservation requests, inquiries, check-ins and check-outs, making Natiivo Managed a great choice for owners with limited leisure time.
“Buyers have strongly embraced the flexibility of ownership that Natiivo’s represents, which is the first of its kind in downtown Austin,” said Newgard CEO Harvey Hernandez. “Our buyers are drawn to the idea of a development that offers a concierge, resort lifestyle, knowing that at any time they can choose to lease their unit and reap the benefits of a steady income stream to cover their investment.”
Co-developed by Austin’s own Pearlstone Partners and Miami-based Newgard Development Group, the building’s architecture was conceived by STG Design and its interiors created by New York-based INC Architecture and Design. The development’s design reflects its surroundings, with handpicked furnishings and native Austin design elements prominent in exteriors, common areas and interiors. Each residence is built with premium materials, outfitted with upscale fixtures, and characterized by locally sourced pieces that comfortably speak the language of Austin.
For more information on Natiivo Austin, visit //www.natiivoaustin.com.
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About Pearlstone Partners
Founded by Robert Lee and Bill Knauss, Pearlstone Partners is a real estate development firm with more than 100 years of combined experience in the Austin real estate market. Pearlstone Partners’ comprehensive approach to identifying land development opportunities has led the company to the forefront of some of Austin’s most successful real estate trends. The firm’s focus on developing innovative solutions to promote long-term growth in local communities has resulted in more than $200 million in locally developed real estate and more than $400 million actively invested in residential, commercial, and mixed-use projects. Recent and upcoming projects include Natiivo Austin, HŌM Condominiums, Axiom East, Cascade Condominiums and Parkside at Mueller. To find out more, visit www.pearlstonepartners.com.
About Newgard Development Group
Founded by Harvey Hernandez, Newgard’s highly skilled associates bring more than 75 years of combined experience in development, design, marketing and construction. Hallmarks of the Newgard approach to forward-thinking development include innovative luxury buildings in desirable, centrally located neighborhoods, pedestrian-oriented lifestyles and cutting edge amenities. Property designs reflect a commitment to relevant architectural detailing and the attitudes of residents and business users. The Newgard dedication to quality extends to its professional construction team, ensuring superior attention to detail, exceptional finishes and timely completion. Newgard’s recent projects include Gale Residences Ft. Lauderdale Beach, BrickellHouse, Centro and One Flagler among others. Learn more at www.newgardgroup.com.
About Prospect Real Estate
Prospect Real Estate is a boutique family-owned and operated residential real estate firm focusing on Austin’s evolving urban core with 40 years of experience in the city’s residential market. Prospect is keenly attuned to local real estate trends and is proud to offer what’s next, now. The firm focuses primarily on providing the best urban living experience with opportunities that are attainable for a broad demographic. Its agents have their fingers on the pulse of Austin, with exclusive access to a new-build inventory that is unavailable anywhere else. For more information, call (512) 640-1881 to schedule an appointment, email info@prospectrealestate.com or visit www.prospectrealestate.com.