Saint George, a 316-unit property in Austin, Texas, has received a construction loan. This was revealed by Stratus Properties affiliate. Providing the US$ 56.8M construction loan over four years was Comerica Bank.
Additionally, the Stratus subsidiary will provide 10% of the stock, with an unaffiliated business covering the other 90%. Equity was also donated to the limited partnership by Stratus (10%). Moreover, an unaffiliated equity investor is paying the remaining expected project expenditures (90 percent).
The construction works for the Saint George development are scheduled to start this month. They will mostly be finished by the middle of 2024. Upon completion, Saint George will include 10% of apartments classified as affordable. These will be located along Burnet Road in north-central Austin.
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The development will feature amenities such as a fitness center, rooftop terrace, swimming pool, and communal workspaces. In addition, more will be within easy reach of Saint George. They include University of Texas, Q2 Stadium, The Domain shopping mall, and Apple’s offices.
Saint George, a top-notch addition to the Stratus collection
Saint George will be a top-notch addition to the Stratus collection. This is according to William H. Armstrong III. The latter is the chairman of the board and chief executive officer of Stratus. Furthermore, Saint George will according to Armstrong adhere to the company’s objective. This objective includes incorporating sustainability, wellness, and conservation goals.
Noteworthy, Austin’s metropolitan area and a number of other Texas areas make up the majority of Stratus’ portfolio. Despite having a relatively small metro area, Austin continues to be one of the most active multifamily markets in the nation. It has the second-largest development pipeline. Only Dallas-Fort Worth had more housing under development. as of March with 41,358 units.
