Source: Stratus Properties
AUSTIN, TX - Stratus Properties announced its plans and construction financing for The Saint June, a 182-unit luxury garden style multi-family development within the Amarra subdivision of the Barton Creek community. The Saint June will be built on approximately 36 acres and will be comprised of multiple buildings featuring one, two and three bedroom apartments for lease with exceptional amenities, including a resort style clubhouse, fitness center, pool and extensive green space.
William H. Armstrong III, Chairman and Chief Executive Officer, stated, “Our projects within the beautiful Barton Creek community focus on using sustainable design features, materials, and construction techniques to ensure we protect the natural setting. Similar to the recently announced Holden Hills project, The Saint June is designed to complement the hill country environment with a focus on sustainable luxury and will be another unique, high-quality property that is key to our successful strategy of developing and monetizing properties. This multi-family development project will offer apartments for lease, which will add value to our leasing segment operations in the long-term. The Saint June is the most recent addition to our growing pipeline of projects focused on sustainability, and is located minutes away from downtown Austin, offering tenants easy access to restaurants, shops and entertainment.”
The project will be owned by The Saint June, L.P., a Texas limited partnership. Project financing is in place and includes a construction loan to the limited partnership in the amount of approximately $30.3 million, guaranteed by Stratus, to finance approximately 55 percent of the estimated approximately $55 million project costs. The remaining estimated project costs will be funded by equity contributed to the limited partnership by Stratus and a new unrelated private equity investor. Stratus will receive 34.13 percent of the limited partnership’s equity in exchange for its contribution of the land, development costs to date and cash, and will manage the project.
Stratus expects to begin project construction before the end of the second quarter of 2021, subject to receiving a final county permit. First resident move-ins are planned for late 2022.