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Slated to bring 247 rent homes to Round Rock, the project will have a grand opening in March. Rents could range from $1,650 a month to $2,830 a month.
Pearlstone Partners said its six-story project would add 247 condos to a coveted area near downtown Austin's Whole Foods flagship store.
Experts say declining home home prices are a sign that the Austin market, where prices had been rising at an unsustainable pace, is stabilizing.
Hundreds more apartments are planned for South Lamar Boulevard, which for years has been undergoing an apartment-building boom.
The median sold price in the Austin region was $450,000 in January, down 6.3% year-over-year; it declined 4.6% in the Austin city limits to $525,000.