Stratus Properties Inc. announces The Saint June, a luxury multi-family development in Barton Creek
AUSTIN, Texas – (COMMERCIAL THREAD) – Stratus Properties Inc. (NASDAQ: STRS) (âStratusâ or the âCompanyâ) today announced plans and construction financing for The Saint June, a 182-unit luxury garden-style multi-family development in the Amarra subdivision of the Barton Creek community. The Saint June will be built on approximately 36 acres and will consist of several buildings comprising of one, two and three bedroom apartments for rent with exceptional amenities including a resort-style clubhouse, fitness center, a swimming pool and large green spaces.
William H. Armstrong III, President and CEO, said, âOur projects in the beautiful community of Barton Creek focus on using sustainable design features, materials and construction techniques to ensure the protection of the environment. natural setting. Similar to the recently announced Holden Hills project, The Saint June is designed to complement the hillside environment with an emphasis on sustainable luxury and will be another unique and high quality property that is key to our successful development strategy and monetization of properties. This multi-family development project will offer apartments for rent, which will add value to our long-term rental business. The Saint June is the newest addition to our growing portfolio of sustainability-focused projects and is located minutes from downtown Austin, providing tenants with easy access to dining, shopping and entertainment.
The project will be owned by The Saint June, LP, 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 fund approximately 55% of the estimated costs of the project at approximately $ 55 million. of dollars. The remaining estimated costs of the project will be funded by equity contributed to the limited partnership by Stratus and a new independent private investor. Stratus will receive 34.13 percent of the limited partnership’s equity in return for its contribution from the land, development costs to date and in cash, and will manage the project.
Stratus plans to begin construction on the project before the end of the second quarter of 2021, subject to obtaining a final county permit. The first settlements for residents are scheduled for the end of 2022.
About Stratus Properties Inc.
Stratus is a diversified real estate company engaged primarily in the acquisition, allocation, development, management and sale of commercial, multi-family and single-family residential real estate properties, real estate leasing and the operation of hotel and entertainment businesses located in the Austin, Texas area, and other select, fast growing Texas markets.
This press release contains forward-looking statements in which Stratus discusses factors that it believes could affect its future performance. Forward-looking statements are all statements other than statements of historical fact. The words “anticipate”, “may”, “may”, “could”, “plan”, “believe”, “potential”, “possible”, “estimate”, “expect”, “projects”, ” targets â,â intends â,â likely â,â will â,â should â,â be âand similar expressions are intended to identify such statements as forward-looking statements. Stratus cautions readers that forward-looking statements are not guarantees of future performance and that its actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that may cause Stratus ‘actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to, Stratus’ ability to obtain final permits and to enter into development finance agreements. of The Saint June and profitably execute its development plan for The Saint June, the ability of Stratus to continue to develop and effectively execute its strategies, including its ability to develop, finance, build and sell properties according to its anticipated timeframe and at prices acceptable to its board, ability to obtain various rights and permits, decreased demand for real estate in certain Texas markets where Stratus operates, changes in economic, market and business, the uncertain and continued impact of the COVID-19 pandemic and other factors described in more detail under the heading âRisk Factorsâ in Stratus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the United States Securities and Exchange Commission.
Investors are cautioned that many of the assumptions upon which Stratus’ forward-looking statements are based are subject to change after the forward-looking statements are made. In addition, Stratus may make changes to its business plans that could affect its results. Stratus cautions investors that it does not intend to update its forward-looking statements more frequently than quarterly, notwithstanding any changes in its assumptions, business plans, actual experience, or otherwise. changes, and Stratus makes no commitment to update any forward-looking statements.
A copy of this release is available on Stratus’ website, stratusproperties.com.