Outperforming sales targets in Austin’s booming real estate market, developers say all 248 units in the Natiivo hotel/condominium tower have been sold, and that construction on the high-rise in downtown Austin is almost complete.
The 33-story high-rise is at 48 East Ave., in the Rainey Street district. The tower represents a new concept in short-term rentals and in the hospitality industry, and is the first of its kind in Texas, say the developers, Austin-based Pearlstone Partners and Miami-based Newgard Development Group.
Developers say the hybrid condo and hotel tower combines the benefit of conventional condo ownership with the services and amenities of a hotel, including concierge bookings, housekeeping, grocery delivery, laundry service and more.
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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. Under Natiivo Managed, MasterHost handles all reservation requests, inquiries, check-ins and check-outs.
In addition to Austin, there are also Natiivo projects in Miami and Nashville.
Units in Austin’s Natiivo were priced from $300,000 to $1 million. Prospect Real Estate was the listing agent.
“All 248 residential units sold out ahead of schedule and beating all our projections,” Denise Bodman, Prospect’s vice president of sales, said in a recent news release announcing the milestone. “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.”
Prospect agents wrote 97 sales contracts in March through May, primarily to second-home buyers and investors, Bodman said.
Bodman expects to begin closing on the units by the end of the year or in January at the latest.
Jason Martin, an Austin-based real estate investor and broker, said he is buying 10 units in the building.
“It’s an extremely unique opportunity to own a condo-style hotel room in the heart of one the best entertainment districts in the country,” Martin said. “I expect it to be a fantastic investment both in terms of cash flow and underlying value appreciation.”
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Harvey Hernandez, Newgard CEO, said that Natiivo’s buyers “have strongly embraced the flexibility of ownership that Natiivo represents, which is the first of its kind in downtown Austin.”
“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,” Hernandez said in the release.
Robert Lee, CEO of Pearlstone Partners, said construction is nearing completion on the tower, which he said “is one of most dramatic high-rise buildings on the downtown horizon.”
He said the construction team is doing “punch list walk-throughs” with owners and is gearing up for city inspections, which will be followed by furniture installation.
Units are a mix of studios and one-bedroom and two-bedroom residences, and are available fully furnished and appointed with upscale amenities.
Amenities include 24-hour concierge service; valet parking; co-working spaces; a lobby coffee bar; a café lounge with grab-and-go options; and a wine and beer lounge.
Other features include a terrace and garden on the 10th floor, an outdoor fitness lawn, a dog park, a fitness center and a yoga room.
A rooftop deck on the 33rd floor has a resort-style pool, private cabanas and an outdoor fireplace.
Over the past few months, Lee said, Natiivo’s exterior “has undergone striking changes” as the construction crew installed the building’s signature bronze and champagne-colored metal panels and glass handrails.
STG Design was the building’s architect, and New York-based INC Architecture and Design created the interiors.
Read More:Downtown Austin Natiivo tower sells out as construction nears completion
2021-09-21 20:26:19
