New Apartment Property Under Way in San Antonio
- Dec 09, 2011
San Antonio—Work has started on 1800 Broadway in San Antonio, a 230-unit apartment development on Broadway, not far from downtown, and adjacent to the revitalized, mixed-use Pearl Brewery. The property is being jointly developed by Criterion Property Co. L.P. —its first in San Antonio—and Regent Communities Inc.
The four-story complex will include one- and two-bedroom units, as well as townhomes and a four-story parking garage. Amenities will include three distinct outdoor living areas, as well as “the Cave,” a covered outdoor space with wet kitchen for entertaining, flat screen televisions and Internet access. 1800 Broadway will also offer residents access to two entertainment areas called “Social” and “Gather,” spaces that feature kitchen facilities, flat-screen televisions, bar games and indoor as well as outdoor seating.
1800 Broadway will feature high-efficiency HVAC systems, energy-efficient fixtures, high indoor air quality and a community-wide recycling program. Upon completion in mid-2013, the project is expected to achieve certification from the National Green Building Standard, a collaboration between the National Association of Home Builders and the International Code Council. It is also expected to achieve Energy Star certification from the U.S. EPA.
The developers didn’t specify the funding sources for the property, but Chris Harris, executive vice president, CFO and principal for Criterion Development Partners, did tell MHN that “both equity and debt sources are particular in what they’re looking for in financing new development opportunities. On the debt side, the amount of leverage, the economics of the project, and probably more importantly, understanding and being familiar with the sponsor and investor are critical. Our relationships were very instrumental in this deal, and in all of our deals. On the equity side, we went to both of our historical partners as well as a couple of new sources and had excellent interest in the deal.”
Harris added that historically, San Antonio has not been a market that institutional equity has participated in significantly. “However, with the good news of job growth, in Texas in general and San Antonio in particular, those sources are becoming more interested in this market,” he says.