January 13, 2021
Stratus Properties Inc. has sold The Saint Mary, a 240-unit luxury, garden-style apartment project in the Circle C community in Austin, for $60 million, or $250,000 per unit. The buyer wasn’t disclosed.
The sale price represents a 28% premium on the property’s gross value as used in the calculation of Stratus’ estimated NAV in December 2019.
“The sale of The Saint Mary is another example of the substantial value we create for our shareholders with our proven approach to developing and owning well-located properties in strong Texas markets,” said Stratus CEO William H. Armstrong III. “In fact, we believe that the per unit sales price for The Saint Mary is the highest ever recorded in the Austin MSA for traditional garden-style surface-parked apartment product.”
The Saint Mary’s first tenants took occupancy in July 2019, and the project was approximately 85% leased on the date of sale.
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