AUSTIN, TX – Stratus Properties announced plans and financing for The Saint June, a 182-unit luxury garden-style apartment building within the Amarra subdivision of Barton Creek. The Saint June is being built on approximately 36 acres and consists of several buildings of one, two and three bedroom apartments for rent with exceptional amenities including a resort style clubhouse, fitness center, pool and extensive green areas.
William H. Armstrong III, Chairman and Chief Executive Officer, said, “Our projects in the beautiful Barton Creek community focus on using sustainable design features, materials and construction techniques to ensure we protect the natural environment. Much like the recently announced Holden Hills project, The Saint June is set to complement the rolling hills with a focus on sustainable luxury and be another unique, high quality property that is key to our successful strategy of real estate development and monetization. This multi-family development project will offer apartments for rent that will create added value for our leasing business in the long term. The latest addition to our growing pipeline of sustainability-focused projects, the Saint June is just minutes from downtown Austin and provides tenants with easy access to restaurants, shops and entertainment. "
The project will be owned by The Saint June, L.P., a Texas limited partnership. Project funding is in place and includes a limited partnership home loan of approximately $ 30.3 million guaranteed by Stratus to fund approximately 55 percent of the estimated project cost of approximately $ 55 million. The remaining estimated project costs will be financed by equity that Stratus and a new independent private equity investor brought into the limited partnership. Stratus will receive 34.13 percent of the limited partnership's equity in consideration for the contribution of the property, previous development costs and cash, and will manage the project.
Stratus expects to begin construction on the project before the end of the second quarter of 2021, pending final approval from the county. The first residents are scheduled to move in at the end of 2022.
Source: Stratus properties
