Exclusive: Maverick Sells 332-Unit Asset in Austin
The community is part of a six-phase, master-planned project.
ORIX USA Corp. has purchased Strata, a 322-unit luxury asset in Austin, Texas, from Maverick Development Group, according to Yardi Matrix. In addition, Franklin BSP Realty Trust issued a $42 million acquisition loan set to mature in 2031.
Strata came online last year as the penultimate stage of Ethos, a six-phase project set to include more than 2,000 units. Previous phases were already sold at the time of its completion, with Hudgins Cos. divesting stages one, two and four, while Fine Line Diversified Development sold phase three.
ORIX’s new community comprises 12 buildings encompassing studio, one- and two-bedroom layouts that average 875 square feet. Amenities include a business lounge with private work pods, as well as a gym, swimming pool and community room, among other features.
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Located at 8340 Bluff Springs Road, Strata is some 10 miles southwest of downtown Austin. The property is also less than 1 mile from Interstate 35, a corridor that has captured part of the city’s new apartment construction wave.
However, communities built before 2020 are still drawing investor interest, as demonstrated by Bader’s acquisition of Adair Onion Creek, a 276-unit asset completed a decade ago roughly 3 miles from Strata. The deal marked the only other multifamily sale in the area since the beginning of the year.
Buying multifamily below replacement cost in Austin
ORIX is a subsidiary of Tokyo-based ORIX Corp., which, across its affiliates, managed $43.5 billion in assets as of June 2026. Among its latest multifamily deals is the $200 million, 1,029-unit portfolio transaction that closed in September, involving three properties in metro Houston, Atlanta and Austin.
The firm’s Austin investment was Lookout, a 241-unit asset acquired below replacement cost. That community also debuted in 2025, and ORIX plans to stabilize it while investing in technology and amenities.
Another community that traded below replacement cost was Leander Park, a 288-unit property in Austin’s Cedar Park submarket. Hilltop Residential acquired the 2020-built asset in June, targeting interior upgrades.
