Carbon Cos. Grows San Antonio Footprint

Carbon Cos. has opened Greyson Luxury Living, a multifamily community in San Antonio, Texas. The luxury property features 291 units.

Greyson Luxury Living’s available floorplans range from one- to three-bedroom layouts. Units feature wood-style flooring, private patios or balconies, quartz and granite countertops, single-basin sinks with ceramic tile backsplash, kitchen islands, stainless-steel Energy Star appliance packages and full-size washer/dryer connections.

Amenities include a swimming pool with a poolside tanning shelf, fitness center, clubhouse, concierge services and reserved parking with EV charging stations.

Located at 1734 N. Loop 1604 West, Greyson adds to Carbon Cos.’ large portfolio in the market. The company’s properties in the area include: Vineyard Springs Apartments, Hidden Lake Apartments, Walker Ranch Apartments, Addison Medical Center Apartments, Ventura Ridge, Pecan Springs Luxury Apartment Homes and Woodland Cottages.

“With San Antonio’s rapid growth, the demand for multifamily housing continues to rise,” Ed Garahan, partner & CEO at Carbon Cos., told Multi-Housing News. “We have over 20 years of experience in the San Antonio market and are confident the Greyson Luxury Living property will answer residents’ needs.”

Greyson residents are within walking distance of dining, retail and entertainment options including Eddie V’s Prime Seafood, multiple steakhouses, COVER 3 San Antonio and the Hopdoddy Burger Bar. Downtown is approximately 17 miles south while the San Antonio International Airport is less than 10 miles away.

Also nearby is The Shops at La Cantera, Six Flags Fiesta Texas, Texas Hill Country wineries and the University of Texas San Antonio.

The San Antonio multifamily market

The San Antonio multifamily rental market is shifting towards more luxury apartments, according to Doug Ressler, business manager at Yardi Matrix.

“San Antonio’s economy has been growing steadily, attracting more high-income residents who can afford luxury living,” he said. “The city’s population is expanding, with many new residents coming from higher-cost areas, often seeking upscale housing options.”

Seeking the potential for higher returns in the luxury segment, more investors are being drawn to this type of luxury development in the area. A strong demand for modern living spaces and high-end amenities is present nationwide.

“This shift is part of a broader trend seen in many growing cities, where the demand for upscale living options is rising,” Ressler said.

Neil Schimmel, founder & CEO, Investors Management Group, told MHN that San Antonio has been riding a historic construction wave, with 9,000 units still underway. “Recent deliveries have outpaced demand, resulting in significant concessions and rental rate reductions,” Schimmel said. “Given the cost of debt and the slowing absorption, new construction starts are now at their lowest in a decade.”

San Antonio multifamily operators are optimistic about rent growth turning positive by later 2025, considering a slower pace of new deliveries.

Other recent apartment developments in San Antonio include two properties by Vero Sade. In August, the company opened Us 1604, a 444-unit, four-story community, and Us Cibolo, a 288-unit, three-story community on Cibolo Commons. The developments mark the first ground-up projects in Vero Sade’s portfolio.

“San Antonio is a community-minded and family-oriented city and among the largest and fastest-growing metros in the U.S. with an increasingly strong labor market,” Vero Sade co-founder Dan Bassichis told MHN.