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Transactions - NOVEMBER 19, 2021

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Pearlstone Partners, ATCO to develop 41-story high-rise condominiums

by Released

Pearlstone Partners and ATCO Properties & Management have secured $130 million in construction financing from MSD Partners for Vesper, the 41-story, residential-high-rise condominiums they are developing at 84 E. Ave. in Austin's dynamic Rainey Street Historic District. Pearlstone and ATCO's investment in the project is $165 million.

The 41-story, residential-condominium tower is on 0.41 acres. Vesper will offer 284 residential homes averaging 975 square feet. Anticipated common amenities include a rooftop community clubhouse; sky-deck pool; cabana; outdoor kitchen; fireplace and lounge; resident fitness space, featuring private spin and yoga studios; a sky dog park; dog-washing station; community courtyard and gathering table; and co-work 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.

 

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