Stratus Properties Sells Saint Mary Apartments in Southwest Austin for $60M
AUSTIN, TEXAS — Stratus Properties (NASDAQ: STRS) has sold The Saint Mary, a 240-unit apartment community in southwest Austin, for $60 million. The sales price equates to $250,000 per unit. The garden-style community features one- and two-bedroom units with stainless steel appliances, quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen with a wet bar and a pet park. Austin-based Stratus Properties broke ground on The Saint Mary in June 2018 and delivered the community in December 2019. The property was 85 percent occupied at the time of sale. Andy Hill of Berkadia secured a bridge loan through Ares Management LP on behalf of the undisclosed buyer.