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.

Partners Capital—the investment platform of Partners Real Estate Company—announced that it has acquired Oak Hill Plaza in Austin, Texas. The 115,512-sq.-ft. retail center is the second property purchased by Partners Capital through its Fund IV vehicle, following the addition of Murphy Southwest Business Center in Stafford, Texas, which recently registered a flurry of lease transactions completed by NAI Partners.

“Oak Hill Plaza sits at an irreplaceable location in one of the country’s top performing real estate markets,” said Andrew Pappas, Managing Director of Partners Capital. “We saw a chance to add significant value to Oak Hill Plaza by leveraging our knowledge and experience in the Central Texas retail market and capitalizing on the submarket’s tight restrictions on new supply.”

Oak Hill Plaza is located on the corner of US-290 and SH-71, an intersection predicted to carry over 100,000 vehicles per day in the coming years. The property is one of a few retail centers in the area built before the Save Our Springs development restrictions were established related to the Barton Springs Overlay.

Adam Hawkins, Vice President for Partners Capital, worked with Sam Affanhe of Hunington Properties to source the deal off-market. Financing was provided by Peyton Jones at Veritex Bank in Houston, Texas.

Wes Babb, Adelaide Ehrlich, and Carson Hawley of SRS Real Estate Partners will be responsible for leasing the property, and NAI Partners’ Landlord Services Division’s Property Services group will handle property management.

The acquisition represents Partners Capital’s 18th transaction overall since its launch in 2015. Partners Capital owns a real estate portfolio totaling more than 1 million sq. ft. and has completed over $200 million in transaction volume.

Developers of Vesper, A New 41-Story Residential High-Rise Complete Demolition and Begin Construction

AUSTIN, Texas—August 10, 2021. Austin-based Pearlstone Partners and New York-based ATCO Properties & Management today announced their new 41-story residential high-rise at 84 East Avenue in Austin’s dynamic Rainey Street Historic District will be called “Vesper.” The co-developers recently completed demolition of the existing structures and have begun construction.

“’The word ‘vesper’ means ‘evening star’ or ‘evening prayer,’ but we chose the name more for how it aligns with the vibe and concept of the project than its literal meaning,” said Pearlstone Partners CEO and Principal Robert Lee. “Vesper will be authentic Austin, embracing the city’s unique artisan culture. It will convey a sense of unpretentious luxury, like a craft cocktail lounge, with a high-desert, Marfa feel and nods to the Rainey Street nightlife mingled throughout the building.”
“Austin is an enticing, eclectic city filled with highly educated, creative people who revere their laid-back, sophisticated lifestyle, great food, live music, and the natural beauty of their surroundings,” said ATCO Chief Investment Officer Neil Adamson. “We believe the name ‘Vesper ’communicates the city’s true culture and ambiance, and we’re excited to be a part of this exceptional urban development.”

A 41-story residential condominium tower situated on 0.41 acres, Vesper will offer 284 residential homes at an average size of 975 square feet. Anticipated common amenities include a rooftop community clubhouse, sky-deck pool, cabana, outdoor kitchen, fireplace and lounge; a resident fitness studio, featuring private spin and yoga studios; a sky dog park, lawn and dog-washing station; a community courtyard and gathering table; and coworking space on the ground floor. The rear lobby will feature a public art gallery and mural showcasing works by local artists, with direct pedestrian access to Rainey Street and its many inviting shops, eclectic variety of restaurants and cafes, live music venues and other entertainment options.

In accordance with the Rainey District affordability guidelines, 10 units in Vesper will be dedicated to the City of Austin Affordable Housing Program and reserved for households earning up to 80% of Austin’s median family income (MFI). In addition, several benefits for the Rainey Street district and the community at large are built into the project, including:
• Paving the alley behind the project and to the south to support pedestrian-friendly access to the Rainey Street Historic District
• Exterior signage and mural to direct visitors from Rainey Street to the public art gallery at Vesper’s rear lobby
• Pearlstone Partners and ATCO Brand Their New Residential High-Rise Located at 84 East “Vesper” Page 2 of 2 – Vehicle access to the site from the IH-35 frontage road to avoid excess traffic on Rainey Street
• Compliance with Austin’s Great Streets Program, which is aimed at improving the safety and quality of downtown streets and sidewalks
• Streetscape design incorporating large planter boxes with full-sized trees and native plants, as well as a shaded sitting area and bike racks, and a100-foot-plus green wall at the northeast corner.

Vesper is being jointly developed by Pearlstone Partners and ATCO. Other project partners include STG Design, architect; Wuest Group, civil engineer; McCray & Co., interior designer; dwg., landscape architect; and AECOMHunt, general contractor. Construction is anticipated to begin in August 2021, with units delivering in 2024. For more information, visit www.VesperATX.com.

Vesper will be marketed exclusively by Prospect Real Estate.

“The Rainey Street District is such a venerable area of Austin, it is a privilege to play a role in responsibly transforming it into the dynamic cultural center it’s destined to be,” said Lee. “Every small detail of Vesper has been thoughtfully planned to respect Rainey Street Historic District’s significance to the Austin story— to create a space where people can live, work and play in the shadow of Austin history while enjoying all that’s good about the city today.”

About Pearlstone Partners
Austin-based Pearlstone Partners is a full-service real estate development firm with more than 100 years of combined experience in the local real estate industry. The company has been responsible for more than $200 million in locally developed real estate and has more than $600 million actively invested in a broad range of commercial projects, including office buildings, condos, multi-family and mixed-use projects in some of Austin’s most desirable areas, with an emphasis on urban properties in pedestrian-oriented locations. Pearlstone Partners engages in the economic development of Central Texas by creating high-quality, profitable real estate development projects. With experience managing every stage of the property development life cycle, Pearlstone is uniquely qualified to execute projects from concept through completion. For more information, visit //www.pearlstonepartners.com.

About ATCO
ATCO is a closely held real estate investment and ownership platform deploying capital in select cities across the United States, with a particular emphasis on urban properties in pedestrian-oriented locations. For over nine decades, ATCO has owned, managed, and developed a diverse real estate portfolio, primarily in and around New York City, and provided a range of services to other real estate owners. ATCO’s real estate operating company includes investment management, development, marketing, architectural design and construction management, property management and commercial and residential brokerage. ATCO’s investment and development portfolio consist of projects in excess of $2.2 billion in gross asset value.

Korman Communities, in partnership with Verde Capital, has completed the purchase of its first property in Austin, Texas. The brand new, 226-unit, Class AA property, AVE Austin, offers a unique flexible-stay living solution in North Austin, conveniently situated between Downtown Austin and The Domain®.

“This acquisition represents the first of what we anticipate will be many new ventures in this region,” says Bradley Korman, co-CEO of the Philadelphia-area-based Korman Communities. “We continue to focus on markets that best reflect where people want to live and work, purchasing and developing state-of-the-art residential properties.”

The investment in AVE Austin aligns with Verde Capital’s continued pursuit of opportunities in high-growth urban and suburban markets.

“With its proximity to major educational institutions, medical systems, and technology jobs, this location offers the sustainable demand drivers that will make AVE Austin a sought-after property for decades to come,” says Jake Reiter, president of Verde Capital.

AVE Austin features studio, one-, two-, and three-bedroom spacious luxury apartments and fully furnished apartments coupled with unparalleled, on-demand business and resort amenities, and a dedicated service team on site seven days a week.

All residents enjoy complimentary, on-demand access to resort and business amenities featuring a sparkling pool and grilling stations, state-of-the-art fitness center, tranquility courtyard with hammocks and a fire pit, a rooftop lounge with downtown Austin views, pet spa, cyber lounge, flex workspace, and private meeting rooms. AVE’s professional Resident Services team is on site seven days a week to assist with day-to-day living needs and to create a sense of community through concierge support, events, and partnerships.

AVE Austin is centrally located in North Austin, walking distance from the Red Line providing service from Leander to Downtown with stops at UT-Austin and The Domain®. This state-of-the-art residential community is convenient for commuting, offering easy access to highways 35 and 183.