ORIX Corp. USA buys 322-unit Austin apartment property Strata from Maverick Development

ORIX Corp. USA has bought Strata, a 322-unit luxury apartment property in Austin, Texas, from Maverick Development Group, according to Connect CRE.

Multi-Housing News reported that Franklin BSP Realty Trust issued a $42 million acquisition loan on the property, scheduled to mature in 2031.

Measured against those 322 units, the $42 million loan equates to roughly $130,000 of debt per unit if the property alone secures it; the report does not specify the collateral. Strata is one of six phases in a project planned to include more than 2,000 units, per Connect CRE.