Stratus Properties Inc. plans to construct and finance what will be called the "The Saint June," a 182-unit luxury garden-style multi-family development in the subdivision of the Barton Creek community. 

According to a press release, the multiple buildings encompassing The Saint June will be built on nearly 36 acres and include one, two and three-bedroom apartments. The apartment complexes will also include special amenities like a resort-style clubhouse, fitness center and pool.

"Our projects within the beautiful Barton Creek community focus on using sustainable design features, materials and construction techniques to ensure we protect the natural setting," William H. Armstrong III, Chairman and CEO of Stratus Properities Inc., said in the release. 

"This multi-family development project will offer apartments for lease, which will add value to our leasing segment operations in the long-term. The Saint June is the most recent addition to our growing pipeline of projects focused on sustainability, and is located minutes away from downtown Austin, offering tenants easy access to restaurants, shops and entertainment.”

The project itself will be owned by a Texas limited partnership by the name of The Saint June, L.P. and is financed in the amount of about $30.3 million, which is guaranteed by Stratus to finance nearly 55% of the estimated total cost of $55 million. 

The remaining part of the project will be financed by equity contributed to the partnership through Stratus, who will receive 34.135% of the limited partnership’s equity, the statement said. 

The project and construction are set to begin in the second quarter of 2021, with first residents able to move in during late 2022.