Strategic mixed-income development expands firm's Texas footprint while addressing critical housing needs

WAYNE, Pa., Aug. 19, 2025 /PRNewswire/ -- PPR Capital Management (PPR), a private equity real estate investment firm, is pleased to announce the completion and lease-up of The Residences at Rubi, a newly constructed 101-unit mid-rise apartment community in Austin, Texas. This $21.7 million development, which began with initial closing and groundbreaking in October 2023, represents PPR's first ground-up construction project and strengthens the firm's presence in the high-growth Austin market.

The Residences at Rubi features a strategic 50/50 split between market-rate and affordable units, leveraging Texas's 100% property tax abatement program for multifamily properties that partners with the Strategic Housing Finance Corporation and provides affordable housing options.

"The Residences at Rubi exemplifies our commitment to delivering innovative housing solutions that create value for both residents and investors, said Steve Meyer, CEO of PPR Capital Management." "This development showcases our ability to execute sophisticated projects that meet community needs while generating compelling returns through strategic financing structures."

The property's prime location offers exceptional connectivity to downtown Austin and Austin-Bergstrom International Airport, along with proximity to major employers, making it attractive to a diverse range of residents.

"The Austin market continues to demonstrate strong fundamentals with its expanding employment base and population growth. The Residences at Rubi's mixed-income model not only accelerated our lease-up timeline but also positions the property for long-term stability," said Craig Johnsen, Chief Asset Officer at PPR Capital Management. "This project exemplifies PPR's commitment to creating resilient investments that deliver exceptional value to our investors while meeting the diverse housing needs of the Austin community."

PPR contributed $11.7 million of the total $12.4 million equity investment and worked alongside several partners to bring the project to completion. Notional Development Partners served as general partner, with IE2 Construction as the general contractor. The Strategic Housing Finance Corporation provided a critical non-profit partnership that enabled the property tax abatement structure. Spire Project Management oversaw project management, while Avita Property Management is handling property management and lease-up activities.

"Our partnership with PPR on The Residences at Rubi has been exceptional from groundbreaking to completion," said Chris Affinito, Managing Partner at Notional Development Partners. "Together, we've created a community that meaningfully contributes to Austin's housing ecosystem while establishing a blueprint for future affordable housing developments in high-growth markets."

About PPR Capital Management 
PPR Capital Management is a private equity real estate firm that manages investment offerings which primarily invest in distressed assets and mortgages, as well as residential and commercial real estate throughout the United States. Founded in 2007, PPR's mission has been to provide financial wellness to our investors while making a positive social impact on the communities in which we invest, live, and work. For more information, please visit our website at prcapitalmgmt.com. 

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SOURCE PPR Capital Management