AUSTIN, TX – StoryBuilt, an urban infill specialist developing communities in five of the fastest growing real estate markets in the country, announced it is laying the foundation for a $ 50 million with funding from Hearthstone, a leading investor in America's residential real estate – Dollar housing development will place real estate market and funding through Stearns Bank.
"We are excited to announce our second StoryBuilt real estate investment and our first StoryBuilt investment in Texas," said Mark Porath, CEO of Hearthstone. Hearthstone's initial investment was in a project in Seattle in the third quarter of 2020. Porath added, “The Texas real estate market remains strong, which makes this a solid investment opportunity. We believe in the financial and real estate expertise of the StoryBuilt management team, especially in exploring locations in Texas like Austin. "
The Hearthstone investment is to build a 116-house community called George at 2211 E M Franklin Avenue in East Austin that will consist of 80 townhouses and 36 single-family homes. The townhouses have one- and two-bedroom options with balconies, private courtyards and parking spaces. They range from 626 to 1,700 square feet. The 36 single-family houses offer a variety of floor plans with two to three bedrooms with courtyards and 2 parking spaces and have a size of 1,468 to 1,728 square meters. The first houses should be ready in the fourth quarter of this year.