Natiivo Austin has reached its goal of fully renting out its home-sharing community building. The establishment, located at 48 East Ave. in the Rainey Street District, has reported its 249 units to have a 99% sell and occupancy rate as of Aug. 13.

Developed jointly by Austin’s Pearlstone Partners and Miami-based outfit Newgard Development Group, the 33-floor tower allows unit owners to rent out their unit when not living in it. The renter is permitted to use online booking platforms such as Airbnb and Expedia to find temporary occupants. 

The first of its kind, Airbnb-powered brand as a result of years of planning. Its creation’s opening followed the August 2019 presentation ceremony by just over a year. Developers Harvey Hernandez of Newgard and Robert Lee of Pearlstone granted Rainey NA president Sandra De Leon a $5,000 donation to assist with the project.

The units were sold at an average price of $400,000 or more. Guests will also be granted access to the building's amenities, including laundry service, valet parking and cleaning staff, creating the opportunity for the buildings to also receive a profit. 

Each owner has the right to stay in their unit as long as it isn’t listed as their primary residency, or apply the homestead exemption to taxes since the property is considered a hotel. The innovative business strategy serves as a response to common negative feedback regarding short-term rentals. The concept provides “the benefits of homeownership combined with the ease and service of a high-end hotel.”