Dec 29, 2021

Qualico US Multi-Family Developments Enter Next Stages in Texas

Austin, TX – Qualico recently sold multi-family projects such as The Vineyard in Austin, Texas, Nightingale in Redmond, Washington, and The Exchange in Hercules, California, and some of the company’s current multi-family projects are on their way to being completed and potentially sold in the next couple of years as well.

Many of the multi-family projects Qualico deals with in the US involve partnerships with companies like Ledcor, H&R Reit (known as Lantower in the US), and Anderson Pacific. These partnerships allow Qualico to take advantage of greater opportunities in the US and involve what is known as ‘merchant building’, where apartments are constructed, leased up, and then sold.

Many of the real estate investments Qualico is making in the US are in Texas (Austin and Dallas), where the company already has homebuilding and land development operations.

Two current projects in Austin include Starlight and The Pearl.

Starlight, located in East Austin, is currently in the framing stage and is expected to be completed in November next year, according to LaNelle Deardorf, Regional Vice-President, Qualico US. Once finished, Starlight will be a five-storey podium construction building with 325 apartment units, underground parking, and ground-level retail and restaurant space. The site is located on 2.3 acres just a few blocks from the MLK Jr. metro rail station and just minutes from downtown Austin and the University of Texas.

The property will offer studio, one-bedroom, and two-bedroom suites and will include amenities like a courtyard resort-style pool, a heated spa, and private cabanas, as well as extensive top-tier landscaping. It will be an especially attractive housing option for young professionals and families who want to live in this popular neighbourhood.

Residents and visitors will also be able to enjoy a wellness centre, rooftop lounge, and clubhouse year-round.

Phase 2 of The Pearl, located in North-Central Austin, should be completed this year, and LaNelle noted that the project is 73.6 per cent leased and 52.2 per cent occupied, as of mid-November.

The four-storey building sits on a 4.96-acre site within an established neighbourhood and will include 383 units, with a mix of studio, one-bedroom, and two-bedroom suites once completed. Amenities will include bike storage, a sports lounge, a clubhouse, a rooftop pool, a spa, and fitness facilities. There will be an attached four-storey concrete parkade with 450+ stalls as well.

The Pearl Promo Video

The Pearl’s location is ideal for young professionals, as it’s situated between two of Austin’s largest concentration of businesses - The Austin Central Business District and The Domain, which together include over 17 million sq. ft. of office space.

LaNelle noted that there is a buyer lined up for The Pearl, and that closing on the property is expected to happen in February next year.

As properties continue to be completed and sold, Qualico can invest funds into new projects, further fueling the company’s successful growth in the US market.

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