Sales at The Modern Austin Residences, a 56-story mixed-use condominium tower in downtown Austin, have surpassed the halfway mark for market-rate units. Urbanspace Development, based in Austin, has completed the building at 610 Davis Street in the Rainey Street Historic District and secured new financing as a result of strong sales.
Urbanspace CEO Kevin Burns said that sales momentum increased after Thanksgiving, despite a generally slow condo market across the city. “The strong pace helped the firm secure a recapitalization of its construction loan now that the building is complete, giving Urbanspace more breathing room as it finishes selling out the project,” Burns told the Austin Business Journal.
The Modern features 319 units, including 20 affordable workforce housing condos. Market-rate units range from about 600 to 6,000 square feet with one to five bedrooms. Prices start in the $400,000s and go up to over $5 million for regular units; penthouses begin at $9.2 million according to Urbanspace’s website.
The refinancing was arranged through a joint venture between Peregren Capital Group and Koch Real Estate Investments. Senior financing came from Axos Bank. JLL Capital Markets’ Senior Managing Director Doug Opalka led his team representing Urbanspace in this transaction.
Opalka stated that this refinancing demonstrates confidence in Austin’s luxury residential sector: “the refinancing shows strength and confidence in Austin’s luxury residential market, pointing to the project’s location and design as key drivers.”
Burns noted that The Modern could be the last new downtown condo project finished this decade due to rising costs, tighter lending conditions, and weaker demand delaying or halting other developments.
Elsewhere, projects like Northland Living’s Luminary tower—marketed by Urbanspace—have paused construction until market conditions improve. Endeavor Real Estate Group is also delaying its planned condo development at West Sixth Street and North Lamar Boulevard.
Recent data from Team Price Real Estate shows December condo inventory reached a record high of 4,240 units in Austin while sale prices continue to decline.
