In November 2017, we invested roughly $5.8 million in the construction of Estraya on the Bluffs, a 270-unit apartment community located in Georgetown, TX, a northern suburb of Austin.
Today, we are pleased to report substantial progress has been made on the project. Construction is complete on the main clubhouse and five residential buildings. The first residents began moving into the community in May.
While the finished units are leasing up, construction continues on the remaining ten residential buildings and the pool house. We anticipate substantial completion of construction sometime in the spring.
As of this update, we’ve invested in nine projects with sponsor Waypoint Residential, a Florida-based apartment owner and developer with over $3 billion invested across 22,000 units. Their performance on this and similar projects, including the completion of Estraya at Falcon Pointe Apartments in October, continues to strengthen our confidence in them as a partner.
We look forward to providing you with further updates on this project as it wraps up.
Investor FAQ: How does this project impact your portfolio?
This investment is structured like debt, where the project’s sponsor must pay us a fixed rate of return — in this case, roughly 10% annually — before they can earn a return for themselves, and their equity provides us with a cushion against losses. Throughout the term of the investment, the regular income it has generated has supported quarterly dividends for the Heartland eREIT.
As always, please don’t hesitate to reach out to investments@fundrise.com with any questions or feedback.
