Austin-based StoryBuilt has commenced construction of a $50m housing development in Austin, Texas, the US.
The new community, named George, will be built in Central East Austin, located at EM Franklin between MLK and Manor.
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Stearns Bank is financing the project and Hearthstone, residential property fund manager, will lead the funding.
The new 116-home community, at 2211 E M Franklin Avenue, will include 80 uniquely designed two-story town homes ranging in size from 626 to 1,700ft2 and 36 single family homes ranging from 1,468 to 1,728ft2.
The town homes will have one- and two-bedroom options with private yards, balconies, and parking. They.
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The 36 single-family homes will have two- to three-bedroom floor plans with private yards and two-car parking.
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By GlobalDataGeorge will also feature swimming pool, greenspace and parking.
StoryBuilt expects the first homes at the new community to be complete in the fourth quarter of 2021.
Hearthstone CEO Mark Porath said: “We are pleased to announce our second real estate investment with StoryBuilt, and our first StoryBuilt investment in Texas.
“The housing market in Texas remains strong, making this a solid investment opportunity. We feel confident in the financial and real estate expertise of StoryBuilt’s management, and particularly in their scouting of Texas locations such as Austin.”
StoryBuilt has constructed more than 40 communities in five cities including Dallas, Austin, San Antonio, Seattle, and Denver.
In October last year, StoryBuilt secured $7m funding for the development of a mixed-use townhome community in Seattle.
The investment, led by Hearthstone, will be used for a 38-unit project, named Nora, near Northgate retail centre.
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Rendering of the new housing development in Austin, Texas. Credit: StoryBuilt.
