Press Release, October 13th, 2023:
PPR Capital Management acquires multifamily development project in Austin, Texas, that includes 50% affordable housing units.
PPR Capital Management (“PPR”), a leading private equity real estate firm, today announced that the firm closed on a 101-unit multifamily development project in the Austin, Texas, market that supports the availability of much-needed affordable housing in this community.
In reference to this investment, PPR’s Real Estate Portfolio Manager, Chris Cordes, stated, “This development has an affordable housing component, but it will be a Class “A” mid-rise building. As such, it will offer a typical Class “A” amenity package, including gated surface parking, pool, and fitness center.”
Regarding project specifics, Cordes noted, “The design calls for a total of 101 units, with a mix of studios and one- and two-bedroom units. The estimated construction timeline is 16-18 months, and we should have boots on the ground by mid-October, 2023.”
Steve Meyer, PPR’s Chief Executive Officer, stated, “We’ve been working to bring this project to fruition for several months, and I’m pleased to say that due to our commitment to designating fully half of the total units as affordable housing, we are able to provide the community much-needed housing while earning significant tax advantages on the investment. This is a true win-win.”
Meyer further stated, “PPR is committed to improving the communities in which we operate, and the Austin affordable housing development project is a great example of a public-private partnership that benefits everyone. We look forward to doing more projects like these in the coming months and years.”
With this acquisition, PPR’s total assets under management are now over $700,000,000, with this portfolio being comprised largely of commercial real estate and real-estate-backed mortgage loans.
