• Thu. Sep 28th, 2023

    Pearlstone Partners Expands Portfolio with $700 Million in New Austin Projects

    ByNuala Hafner

    Sep 19, 2023
    Pearlstone Partners Expands Portfolio with $700 Million in New Austin Projects

    Pearlstone Partners, a real estate investment firm based in Austin, is planning to add three new projects to its portfolio over the next three years. These projects, totaling upwards of $700 million, will contribute further to the city’s skyline and urban living. Currently, Pearlstone has already invested around $500 million in two completed residential projects and three under construction.

    The company is now seeking capital partners for these new developments, which will bring its total portfolio value to about $1.2 billion. Chris Zaiontz, Pearlstone’s Senior Vice President of Real Estate, stated that the projects will enhance Pearlstone’s reputation for quality in Austin and demonstrate their dedication to enriching the city.

    One of the planned projects is a luxury residential development consisting of 247 units located at 300 Pressler St., just west of downtown. Another project, called 62 East, will be a 215-unit apartment tower situated in the Rainey Street District. The third project, 14th & Lavaca, will be a 250-unit condo tower one block south of the Texas Chili Parlor.

    Pearlstone currently has several projects under construction, including Parkside at Mueller, a luxury condo development in the Mueller master-planned community. Vesper, a 41-story tower with 284 condominiums, is also in progress. Montage South Lamar, a condo project with 179 residences, is scheduled for completion in the second quarter of 2025.

    In addition to these ongoing projects, Pearlstone is seeking capital partners for three future developments. The first project is located at 300 Pressler St., the second at 62 East Avenue, and the third at 300 W. 14th St. These projects will bring high-density mixed-use development, luxury condominiums, and flexible homeownership options to Austin.

    Pearlstone’s commitment to growth in Austin showcases their dedication to creating living spaces that exemplify the spirit and lifestyle of the city. With their expanding portfolio, they aim to further redefine the residential market and contribute to the dynamic fabric of Austin.

    Sources: Austin American-Statesman