Funding Led by Hearthstone and Financing with Stearns Bank
AUSTIN, Texas–(BUSINESS WIRE)–StoryBuilt, an urban infill specialist developing communities in five of the fastest growing real estate markets in the country, announced today that it will break ground on a $50 million housing development with funding led by Hearthstone, a leading investor in America’s residential real estate market, and financing provided by Stearns Bank.
“We are pleased to announce our second real estate investment with StoryBuilt, and our first StoryBuilt investment in Texas,” said Mark Porath, CEO at Hearthstone. Hearthstone’s initial investment was in a Seattle project in the third quarter of 2020. Porath added: “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.”
The Hearthstone investment will go towards building a 116-home community in East Austin, called George, at 2211 E M Franklin Avenue, which will consist of 80 townhomes and 36 single family homes. The townhomes have one- and two-bedroom options with balconies, private yards, and parking. They range from 626 to 1,700 square feet. The 36 single-family homes offer a variety of two- to three-bedroom floor plans with yards and 2-car parking, and range in size from 1,468 to 1,728 square feet. The first homes are expected to be complete in the fourth quarter of this year.