Pearlstone Partners, one of Austin’s top condominium developers, is taking a stake in @properties Lone Star Christie’s International Real Estate.
The partnership makes the Christie’s affiliate for Dallas and Austin the exclusive listing agency for Pearlstone’s portfolio and pipeline of condos, now valued at nearly $1 billion, a news release said.
Pearlstone is taking a minority ownership interest in @properties lonestar, which was founded four years ago in Dallas by Jerry Mooty, nephew of Cowboys owner Jerry Jones, and Romeo Manzanilla.
Mooty opened @properties lonestar’s Austin office in October 2023, and went on a hunt for strategic partners in the capital city. Pearlstone has made an undisclosed financial investment alongside the exclusive listings agreement in exchange for an equity stake, according to Chris Zaiontz, the new president of the brokerage.
The two firms are launching a new brokerage team, dubbed The Portfolio Edition Real Estate Group, to market and sell its complete and upcoming condo Pearlston projects, now including 682 units and valued at $935 million in total, the release said. Pearlstone previously enlisted Austin-based and Compass-owned Prospect Real Estate for sales at its Vesper, Zephyr and Parkside at Mueller condo developments.
The deal comes on the heels of Pearlstone’s co-founders Robert and Emily Lee’s retirement last week, along with the appointment of former President Bill Knauss as CEO, and former Senior Vice President Zaiontz as president.
Pearlstone first spoke with @properties lonestar’s Mooty and Manzanilla four or five months ago when selecting a brokerage to sell condos at its six-story development in Old West Austin, The Belvedere, at West 3rd Street and Pressler Street, Zaiontz said. Pearlstone is set to begin selling The Belvedere’s 158 units with the Portfolio Edition group in March, with pricing for its condos starting at $800,000.
The developer was looking to hire brokers individually for each listing, he said, and spoke with teams from Compass and Douglas Elliman before choosing to build an exclusive team from the Christie’s brand to represent Pearlstone.
“Meeting with their team, we really liked what they’re trying to build in Austin, the vibe, the culture and the quality of agents they were selecting,” Zaiontz said.
Pearlstone and @properties lonestar spent the last 90 days interviewing and selecting brokers to form what’s now a 12-person team to market and sell its properties, with three brokers for each development, he said.
The company’s portfolio includes Vesper, a 41-story, 284-unit development in the Rainey Street District of downtown Austin. Completed in April 2024 at 84 East Avenue, it’s selling one-bedroom, one-bedrooms with a study, two-bedroom and penthouse residences starting at $500,000.
Pearlstone listed units at Zephyr Residences last week, a five-story project in Austin’s South Lamar neighborhood, set to offer 179 residences ready for move-ins in June and starting at $500,000. Another project, near the Capitol building, is slated to begin selling 140 luxury residences, starting at $1.6 million, in the fourth quarter this year at West 14th Street and Lavaca Street.
“We really feel that 2025 will start to create some momentum back in the market,” Zaiontz said, citing a roughly 18-month slowdown in Austin’s condo market. Interest rate cuts and a new presidential administration lend hope of a revival of demand, which he predicts to come in full force in 2026 through 2028 to meet Pearlstone’s pipeline, he said.
“That’s why we’re bringing the projects to break ground now, so they hit the window and deliver in what should be the peak of the market, rather than catching us as we’re going back down if we’re in this five to seven year cycle,” he said.
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