San Antonio—Crossbeam Concierge LLC, a Bethesda, Md.-based real estate investment and development firm, is delivering the Villas at Mira Loma, a new Class A apartment community located in the Live Oak submarket of San Antonio.
“The unit layouts are spectacular and so far we have been met with very positive market reaction,” Richard Devaney, Crossbeam Concierge’s managing partner, tells MHN. “We think the submarket is very positive and very strong and we think it’s a winner.”
Crossbeam Concierge purchased the development site from Godfrey Residential Group of Bryan Texas in June 2011, and construction on the 270-unit began last January.
Located on 12.2 acres at 15400 Lookout Road, the Tuscan-style gated community is adjacent to Mira Loma Apartments, a 378-unit sister community acquired in 2010 by Crossbeam Concierge, also from Godfrey Residential.
“I think it complements the first stage of the development that we purchased from Godfrey,” Devaney says. “We took the finer points of the unit layouts, configurations and amenities and really took it up another level.”
Floor plans include one-, two- and three-bedrooms varying in size from 625 square feet to 1,552 square feet. The three-bedroom units are townhome-style with two-car garages.
The common area amenities include a resort-like Water Plaza with an expansive pool, sundeck, shade pergolas and a Southwest-style grilling station; a full-service fitness center; a clubhouse with a well-appointed residents’ lounge and Wi-Fi business center; and environmentally conscious landscaping.
Villas at Mira Loma marks the first ground-up development for Crossbeam Concierge since 2007. It currently has approximately 1,200 units in the San Antonio area under management
“We’re a value-add, fully integrated investment manager, redeveloper, developer. We were looking at the fundamentals around San Antonio and saw very strong valuable bases in the land.” Devaney says. “We saw an opportunity to deliver a high-quality product at a very favorable cost structure and have a positive outlook in the market long-term.”
Above average employment growth in San Antonio during the next few years is expected to drive the creation of new households in the market to well above the national average, increasing demand for rental housing.
“Undertaking a ground-up project at the time we did was a strategic play that has paid off,” Devaney says. “Our presence in the San Antonio multifamily market afforded us the insights to take advantage of this unique development opportunity using our long-standing experience in managing ground-up projects, particularly with stellar partners in the Godfrey Residential Group and Comerica Bank, which believed in our vision for this new community.”
The Villas at Mira Loma delivered its first units in late October to a waiting list of interested tenants and to date, about a quarter of the units have delivered. The entire project should be completed by the end of March 2013.