SAN ANTONIO-Oden Hughes LLC and Desarrollos Delta, based in Monterrey, Mexico, have joined forces to put 25 acres under contract. Once the land deal with Fulcrum Property Group and Details Real Estate Services closes, Oden Hughes will be ready to build its eighth multifamily property, a 950-unit project.
The land, at the southeast corner of Interstate 10 and Loop 1604, is part of Fulcrum Property Group's 98-acre Landmark master-planned development. The land buy includes a 5-acre medical tract and a 1.5-acre retail site that Oden Hughes plans to sell.
Construction on the first phase of the as-yet unnamed project will begin in early 2014, with the first phase – consisting of 350 units – anticipated to open by mid-2015. The project will be built in three phases during a five-year period.
Steve Oden Jr., one of the principals and founders of Oden Hughes, says the company selected the site because it was close to major employment center. Nearby are the corporate campuses of USAA, NuStar Energy and Valero Energy, as well as the University of Texas at San Antonio and the San Antonio Medical Center District. Several major retail centers including The Rim Shopping Center and The Shops at La Cantera also are nearby.
The project cost was undisclosed. The multifamily property will offer one-, two- and three-bedroom units. In phase one, the units will range in size from 479 to 1,350 square feet and rent for between $800 and $1,750 a month.
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