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Builders say all 248 units of the Natiivo hotel / property tower have been sold and construction of the downtown Austin high-rise is nearly complete.
The 33-story skyscraper is located at 48 East Avenue in Rainey Street. The tower represents a new concept in short-term rental and hospitality and is the first of its kind in Texas, say Austin-based developers Pearlstone Partners and Miami-based Newgard Development Group.
Developers say the hybrid condominium and hotel tower combines the benefits of conventional condominium ownership with the services and amenities of a hotel, including concierge bookings, housekeeping, grocery deliveries, laundry services, and more.
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Natiivo owners can buy a fully furnished apartment and offer it for rent, either on a home sharing platform of their choice or via Natiivo Managed. Under Natiivo Managed, MasterHost processes all reservation inquiries, inquiries, check-ins and check-outs.
In addition to Austin, there are also Natiivo projects in Miami and Nashville.
Units in Austin’s Natiivo cost between $ 300,000 and $ 1 million. Prospect Real Estate was the listing agent.
“All 248 units sold out prematurely and exceeded all of our forecasts,” said Denise Bodman, Vice President of Sales at Prospect, in a recent press release announcing the milestone. “Due to unprecedented market conditions and the extremely low number of single-family homes, Prospect is seeing increasing demand for residential properties in the city center.”
Prospectus agents wrote 97 sales contracts from March through May, mostly to second home buyers and investors, Bodman said.
Bodman expects to begin closing units by the end of the year or January at the latest.
Jason Martin, an Austin-based real estate investor and broker, said he is buying 10 units in the building.
“It is an extremely unique opportunity to own a condo-style hotel room in the heart of one of the best entertainment districts in the country,” said Martin. “I expect this to be a fantastic investment in terms of both cash flow and underlying appreciation.”
More:34-story residential tower planned for West 12th Street near the Texas Capitol
Harvey Hernandez, Newgard CEO, said Natiivo’s buyers “have strongly embraced the flexibility of ownership that Natiivo represents, the first of its kind in downtown Austin.”
“Our buyers are drawn to the idea of a development that offers a concierge and resort lifestyle because they know they can rent their unit anytime and take advantage of a steady stream of income to fund their investments,” Hernandez said in the publication .
Robert Lee, CEO of Pearlstone Partners, said construction of the tower is nearing completion, “one of the most dramatic skyscrapers on the downtown horizon”.
He said the construction team was doing “punch list walk-throughs” with the owners, preparing for city inspections that the furniture installation will follow.
The units are a mix of studios and one- and two-bedroom residences and are fully furnished and equipped with upscale amenities.
Amenities include a 24-hour concierge service; Valet parking; Co-working rooms; a lobby coffee bar; a cafe lounge with take away options; and a wine and beer lounge.
Further facilities include a terrace and a garden on the 10th floor, an outdoor fitness area, a dog park, a fitness center and a yoga room.
A rooftop terrace on the 33rd floor features a resort-style pool, private cabanas, and an outdoor fireplace.
In recent months, Lee said, Natiivo’s exterior “has seen noticeable changes” when the construction crew installed the building’s signature bronze and champagne-colored metal plates and glass handrails.
STG Design was the architect of the building and New York-based INC Architecture and Design designed the interiors.
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