AUSTIN, TEXAS — PPR Capital Management has completed The Residences at Rubi, the private equity firm’s first ground-up construction project. PPR broke ground on the $21.7 million development in October 2023. IE2 Construction was the general contractor, and Avita Property Management is handling lease-up and property management.
The 101-unit property offers a mix of affordable and market-rate units. Renter income caps on the affordable units were not disclosed, but the developer received a tax abatement from the state’s housing finance corporation. This legal arrangement exempts a property from all taxes if the development provides approximately half the units capped at rates ranging from 50 to 100 percent of area median income. PPR contributed $11.7 million in equity to the development.