AUSTIN, Texas — PPR Capital Management (PPR), a private equity real estate investment firm, has achieved a major milestone with the completion and lease-up of The Residences at Rubi, a 101-unit mid-rise apartment community in Austin. The $21.7 million project marks PPR’s first-ever ground-up construction development, reinforcing its growing footprint in one of the nation’s hottest real estate markets.

Groundbreaking began in October 2023 following an initial closing, with construction led by IE2 Construction and oversight provided by Spire Project Management. Now fully leased, the project represents a key addition to Austin’s expanding housing supply and demonstrates PPR’s ability to execute on complex development strategies.

“The Residences at Rubi exemplifies our commitment to delivering innovative housing solutions that create value for both residents and investors,” said Steve Meyer, CEO of PPR Capital Management. “This development showcases our ability to execute sophisticated projects that meet community needs while generating compelling returns through strategic financing structures.”

Balancing Market-Rate and Affordable Housing

The community incorporates a 50/50 split of market-rate and affordable units, leveraging Texas’s 100% property tax abatement program for multifamily housing in partnership with the Strategic Housing Finance Corporation. This structure allowed PPR to deliver affordability while maintaining financial stability for investors.

“The Austin market continues to demonstrate strong fundamentals with its expanding employment base and population growth,” said Craig Johnsen, Chief Asset Officer at PPR Capital Management. “The Residences at Rubi’s mixed-income model not only accelerated our lease-up timeline but also positions the property for long-term stability. This project exemplifies PPR’s commitment to creating resilient investments that deliver exceptional value to our investors while meeting the diverse housing needs of the Austin community.”

Partnerships Driving Success

The development was supported by several strategic partners. PPR contributed $11.7 million of the $12.4 million total equity investment, working alongside Notional Development Partners as general partner. The Strategic Housing Finance Corporation provided the critical nonprofit partnership for the tax abatement program, while Avita Property Management is overseeing lease-up and ongoing property management.

“Our partnership with PPR on The Residences at Rubi has been exceptional from groundbreaking to completion,” said Chris Affinito, Managing Partner at Notional Development Partners. “Together, we’ve created a community that meaningfully contributes to Austin’s housing ecosystem while establishing a blueprint for future affordable housing developments in high-growth markets.”

PPR’s Broader Mission

Founded in 2007, PPR Capital Management is a private equity real estate firm known for managing investment offerings across distressed assets, mortgages, and both residential and commercial properties. Beyond financial performance, the company emphasizes social impact.

With Austin continuing to face strong population growth and affordability challenges, The Residences at Rubi reflects how private investment, public partnerships, and innovative financing models can align to address both housing needs and investor returns.

Originally reported by Yield Pro.