PPR Capital Cut Ribbon on Mixed-Income Community in Austin

by | Aug 19, 2025 | Affordable Housing | 0 comments

A photo of The Villas at Foxwood, PPR's first purchase in the Upper Midwest.
While The Residences at Rubi is PPR’s first ground-up project, the firm previously purchased a townhome-style community in Brown Deer, Wisc., called The Villas at Foxwood, seen here.
Image courtesy of PPR Capital Management

PPR Capital Management has completed construction of The Residences at Rubi, a 101-unit mid-rise apartment community located in Austin. The development contains a mix of market rate and affordable units.

PPR partnered with the Strategic Housing Finance Corporation for the affordable units, which comprise half of the community’s apartments. The partnership allowed the developer to take advantage of Texas’ 100 percent property tax abatement program. while

The development marks PPR’s first ground-up construction project, having undergone a groundbreaking in October 2023. Notional Development Partners served as general partner on the project, and IE2 Construction was the general contractor. Other partners included project manager Spire Project Management and property manager Avita Property Management.

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At the time of the groundbreaking, PPR received a $9.3 million construction loan originated by Centennial Bank.

Rubi contains a mix of studio, one- and two-bedroom apartments. Amenities include a bike park, business center, fitness center, grill and pool. Located at 1418 Frontier Valley Dr., the property is less than 4 miles from Austin-Bergstrom International Airport and within 6 miles of downtown Austin.

Growing supply in Austin hinders rent growth

A photo of the Austin skyline.
The Residences at Rubi is located in Austin, where growing multifamily supply has led to slow rent growth and low occupancy rates. Image by 21 Aerials/iStockphoto.com

Advertised rents in Austin are down 5.2 percent year-over-year to $1,554 as of May, according to a recent Yardi Matrix report. Rents nationally rose 1 percent to $1,761 in the same period, the same source shows. The figure was among the weakest in the country, as the city continues to see new developments opening.

The Lone Star State capital had 35,902 units under construction as of May, with another 110,000 in the planning and permitting stages.

In June, Embrey Partners announced that it would soon break ground on a 344-unit luxury community in Austin called The Hatchery. The first apartments in that project will be completed in the third quarter of 2027, with the entire development expected to be completed by the second quarter of 2028.

The post PPR Capital Cut Ribbon on Mixed-Income Community in Austin appeared first on Multi-Housing News.

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