US-based Morgan Group is securing funds from US Bank for the construction of its new Pearl luxury apartment project along Southwest Parkway at 4601 Rialto Boulevard, south-west Austin.
The project will have 444 units with one, two and three-bedrooms, ranging from 660 to 1,676ft².
Morgan Group executive vice-president Carter Bechtol said: "South-west Austin, specifically along Southwest Parkway, is a very attractive area because of its proximity to downtown and to highly ranked public schools in the Austin Independent School District.
"In addition, a number of tech companies have offices there, including AMD, Solar Winds and Freescale, which are all just minutes away from the project."
Pearl Lantana has a park-like setting and will feature amenities such as open floor plans, high-end wood style floors, side-by-side refrigerator / freezers, full size washers and dryers.
Amenities also include under-mount sinks, kitchen islands in select units, walk-in closets, contemporary track and pendant lighting, USB outlets, and patios or balconies.
The project is expected to provide a luxury apartment community for residents seeking convenient access to downtown, as well as bringing employment to the area.
Pearl Lantana residents will have access to resort-style pools, outdoor areas, a kitchen, poolside cabanas and grilling stations.
It also offers an e-lounge, club room and platinum athletic club with a private spin bike studio.
Morgan Group, which has developed 16,000 units at a cost of $1.9bn since 1988, has a $470m project pipeline in development or under construction.