{"id":1004123434,"date":"2015-07-16T08:01:16","date_gmt":"2015-07-16T16:01:16","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=355202"},"modified":"2020-04-28T22:24:44","modified_gmt":"2020-04-29T06:24:44","slug":"stratus-properties-goes-all-in","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stratus-properties-goes-all-in\/","title":{"rendered":"Stratus Properties Goes All In"},"content":{"rendered":"

By Anca Gagiuc, Associate Editor<\/em><\/p>\n

\"\"<\/a>Stratus Properties<\/a>\u00a0is on track to become the sole owner of Block 21, a major downtown Austin mixed-use project.<\/p>\n

Austin-based Stratus decided to buy out its partner, Canyon-Johnson Urban Fund L.P. II, which co-owns in the 36-story mixed-use development. Anchored by the 252-key W Hotel and the 159-unit W Residences, Block 21 also features the Austin City Limits Studio Theatre and 25,000 square feet of retail.<\/p>\n

\u00a0Canyon-Johnson<\/a> holds a 58 percent stake in the joint venture, dubbed CJUF II Stratus Block 21 L.L.C.. Stratus owns the remaining 42 percent and manages the W Hotel and W Residences.<\/p>\n

Under the terms of the agreement, Status could choose between selling its stake for $44.5 million or buying out its partner for $60.9 million. The deal is schedule to close by Nov. 10.<\/p>\n

“We believe the W Austin Hotel & Residences project is a proven asset in a strong market that provides dependable cash flow from diverse sources. Sole ownership of this property by Stratus simplifies operations and will add value. This transaction, together with the sales of Parkside Village<\/a> and 5700 Slaughter, are consistent with our recently communicated five-year plan to create value for our shareholders,” said William Armstrong chairman, president a CEO of Stratus.<\/p>\n","protected":false},"excerpt":{"rendered":"

California-based Canyon-Johnson Urban Fund II, L.P. decided it was time to break apart from its joint venture partner, the Austin-based Stratus Properties. In May this year the firm took legal action and a last week the process was finalized.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21742],"tags":[],"class_list":["post-1004123434","post","type-post","status-publish","format-standard","hentry","category-austin","category-latest"],"acf":[],"yoast_head":"\nStratus Properties Goes All In - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/stratus-properties-goes-all-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stratus Properties Goes All In\" \/>\n<meta property=\"og:description\" content=\"California-based Canyon-Johnson Urban Fund II, L.P. decided it was time to break apart from its joint venture partner, the Austin-based Stratus Properties. In May this year the firm took legal action and a last week the process was finalized.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/stratus-properties-goes-all-in\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-16T16:01:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-29T06:24:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Stratus-Properties_logo.jpg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stratus-properties-goes-all-in\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stratus-properties-goes-all-in\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Stratus Properties Goes All In\",\"datePublished\":\"2015-07-16T16:01:16+00:00\",\"dateModified\":\"2020-04-29T06:24:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stratus-properties-goes-all-in\\\/\"},\"wordCount\":206,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stratus-properties-goes-all-in\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/07\\\/Stratus-Properties_logo.jpg\",\"articleSection\":[\"Austin\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stratus-properties-goes-all-in\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stratus-properties-goes-all-in\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/stratus-properties-goes-all-in\\\/\",\"name\":\"Stratus Properties Goes All In - 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