Ellie May JV is First in a Series Focused on Austin For-Sale Housing

StoryBuilt and IHP Capital Partners formed a $44 million real estate joint venture (JV) to fund the residential portion of Ellie May, a new mixed-use community located in Austin. The JV is bringing 84 unique condominiums with 28 distinct home types to the development.

Ellie May will provide a pedestrian-focused live-work campus-like setting that is expected to appeal to the young professional and Millennial buyer. The other elements of the project include a $38 million development within a Qualified Opportunity Zone that consists of 76,500 square feet of office and restaurant space to be developed by StoryBuilt.

“IHP Capital Partners brings a deep understanding of how value is created in the housing business,” says Jeff Mayo, director of capital markets at StoryBuilt. “Our joint venture at Ellie May is the first in a series focused on Austin for-sale housing but could include opportunities in StoryBuilt’s other footprint markets as well. The joint venture program is synergistic in several ways, offering IHP additional exposure to urban products in the Texas markets and offering StoryBuilt flexible programmatic construction equity to support its ever-growing pipeline in Austin.”

Ellie May’s 84 homes are composed of 76 market-rate homes and eight affordable homes in a variety of floorplans.