A Stratus Properties subsidiary has secured construction financing for The Saint George, a 316-unit development in Austin, Texas. Comerica Bank provided a four-year construction loan in the amount of $56.8 million.
The Stratus subsidiary is also contributing 10 percent of equity, with the remaning 90 percent covered by an unrelated entity. Development is set to begin this month and reach substantial completion by mid-2024.
The 316-unit luxury multifamily development in north-central Austin will be located on Burnet Road, with 10 percent of units designated as affordable. Amenities will include a fitness center, rooftop deck, swimming pool and community workspaces. The Saint George will be close to the University of Texas, Q2 Stadium, The Domain retail center and Apple’s offices.
Stratus’ portfolio is concentrated in metro Austin, as well as several other markets across Texas. According to the developer, The Saint George will follow the company’s strategy of including sustainability, wellness and conservation goals.
Austin remains one of the country’s most dynamic multifamily markets, sporting the second-largest development pipeline despite the metro’s relatively small size. As of March, metro Austin had 41,358 units under construction, second only to Dallas-Fort Worth.