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Texas Company Ventures Into Multifamily

SAN ANTONIO, TX-The $15-million development here will rise in the Southwest Medical Center District. Construction will commence in January 2005 with completion scheduled for summer 2006.

By Brian K. Miller | Updated on November 28, 2004

SAN ANTONIO, TX-Primarily a shopping mall owner and developer, Trademark Property Co. of Fort Worth, is venturing into the multifamily arena in partnership with Godfrey Residential Group of Bryan. The pair plans to break ground here in the next couple of months for the Melograno, a 248-unit complex on 12 acres in the Southwest Medical Center District.Trademark’s senior vice president of acquisition and asset management Jeff Allen tells GlobeSt.com that Trademark is providing the necessary equity for the $15-million development and Godfrey is providing the expertise in multifamily development. The project is Godfrey’s second in the Southwest Medical Center District and its fourth in the metro area, says Allen.”What we like about the location is it is really an infill location; there is only one other multifamily-zoned tract available,” says Allen. “This may be the last sizeable deal you see done in this submarket.”The Melograno Apartments will have Mediterranean styling and amenities such as a pool with waterfall, cabana, spa, clubhouse, resident business center, fitness area, gated entry and garages. Allen says the area is considered one of the strongest submarkets for class A apartment communities in the metro area, with an average occupancy of about 94%, fewer concessions than other markets and rents right around $1 per sf.As for why Trademark is involved in multifamily at all, Allen says retail acquisitions have been hard to find at the right price. “The retail market is on fire,” says Allen. “We’ve sold a lot of our stuff over the last two years because of that; prices on existing stuff is so high.”

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