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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. Ten percent of units are reserved for tenants earning 30 percent of area median income (AMI) or below, 20 percent are rent capped at 50 percent AMI, and 20 percent are reserved for for renters earning no more than 70 percent AMI. PPR contributed $11.7 million in equity to the development.