Continental Properties Breaks Ground on The Springs at Stone Oak Village
- Aug 14, 2012
While the single-family housing market in San Antonio attempts to recover from the collapse, the multifamily market is seeing important growth, mainly due to renter demand. With an occupancy rate of 94 percent, San Antonio’s far North Side is rapidly growing in popularity, creating the necessary requirements for a booming apartment market.
One of the multifamily projects currently underway in the submarket is the 360-unit The Springs at Stone Oak Village. The project broke ground in May and is expected to be completed by January 2013, according to the San Antonio Express-News.
Developed on about 28 acres just west of the intersection of Stone Oak Parkway and U.S. 281, the property will feature two-story townhouse-style buildings with studios and one-, two- and three-bedroom units, which will range from 600 square feet to about 1,400 square feet, according to Ian Martin, director of multifamily development for Continental Properties Co., the developer.
Cost for units will range from $750 to $1,440. Each apartment will have granite countertops, walk-in closets, stainless steel appliances, and patios or balconies, according to the property’s Web site.
Another important project in the area is Bulverde Oaks, a luxury complex discussed here last week story. You can read more about it here.
According to a recent report by Marcus & Millichap on San Antonio’s apartment market, the development pipeline in the city has grown to include more than 4,000 units already underway, in addition to 5,400 units the in planning stages (see charts at left). San Antonio’s economic outlook remains bright for the years to come, thanks in part to rising oil and gas production in the Eagle Ford Shale, which will strengthen renter demand in southern submarkets, along with other parts of the metro that host ancillary businesses.
Charts courtesy of Marcus & Millichap
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