Aldrich St. Project to Bring 170 Market Rate and 30 Affordable Units

A joint venture between Austin-based developer Pearlstone Partners and New York City based ATCO recently received $59.5 million in financing for the construction of a mixed-use condominium development in Austin, TX. The site is located at 1808 Aldrich St. in the mixed-use mixed-income community of Mueller, three miles from downtown.

Knighthead Funding LLC provided the financing. This is Pearlstone’s fourth condominium project in Austin financed by Knighthead in the past 19 months.

“All three previous projects which Knighthead financed for Pearlstone are performing at exceptionally high levels, and with demand in the market continuing to remain strong, we expect this asset to perform equally well,” said Henry Boeckmann, Knighthead vice president.

The project will bring to market 170 market rate and 30 affordable residential units. In addition, there will be 22,318 square feet of office condominiums and a 4,884-square-foot retail condo space. “Both Google and Tesla have announced they are moving operations to Austin and Oracle has already done so. These companies are bringing an influx of new residents that will further drive demand for the kind of housing Pearlstone is providing,” said Jonathan Daniel, Knighthead principal.