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Stratus Properties Inc. Reports First-Quarter 2021 Results
May 10, 2021 GMT
AUSTIN, Texas (BUSINESS WIRE) May 10, 2021
Stratus Properties Inc. (NASDAQ: STRS), a diversified real estate company with holdings, interests and operations focused in the Austin, Texas area and other select, fast-growing markets in Texas, today reported first-quarter 2021 results.
Highlights and Recent Developments:
In January 2021, Stratus sold
The Saint Mary, a 240-unit luxury garden-style apartment project in the Circle C community, for $60.0 million, or $250,000 per unit. Stratus believes the sales price is the highest per unit sales price ever recorded in the Austin MSA for similar properties. Stratus received $20.9 million from its subsidiary in connection with the sale and $12.9 million of the net proceeds were distributed to the noncontrolling interest owners. Stratus recognized a gain on the sale o
Austin s Stratus Properties plans 475 homes in final section of upscale Barton Creek project
Stratus Properties said the final residential section, called Holden Hills, will have 475 homes on 495 acres abutting the Barton Creek Greenbelt. The project is expected be developed in phases in the coming years.
Holden Hills will have a trail system connecting to the Barton Creek preserve, giving residents access to the greenbelt.
The announcement comes as the residential real estate market in the greater Austin area experiences strong demand and rising home prices. Our timing couldn’t have been better Given the relentless growth in Austin, our timing couldn’t have been better.” Beau Armstrong, chairman, president and CEO of Stratus, said in a written statement.