SAN ANTONIO–The PPA Group will break ground this summer on a 150-unit class A multifamily project. The property, to be named The Lookout at Comanche Hill, is located on an infill site on Nacogdoches Road. The project's development cost was not disclosed.
The Lookout will go up in the dense San Antonio market, where new development is nearly non-existent. Many other developers need to look further outside the city for development sites.
“There are maybe a small handful of new multifamily properties built in the last few years and based on Institutional Property Advisors Texas' research, there are no other new developments planned for the area,” Jessica Lee-Wen, marketing director tells GlobeSt.com. “There are a couple older properties going through rehab but nothing new. Ours will be the newest for a long time. This is the beauty of our infill location."
The Lookout will contain both one-bedroom, one-bath and two-bedroom, two-bath units. Amenities include a swimming pool, outdoor kitchen, exercise room, and dog park.
B&A Architects, Big Red Dog, and Galaxy Builders have all been tapped to collaborate on the project. Construction is slated to complete in 2015.
The land in which the development will go up is part of a larger parcel, The PPA Group purchased in 2008. As part of that purchase, the Austin-based company took ownership of 244-unit Kenton Place, which will neighbor the new development, as well as a couple other class B multifamily properties.
As GlobeSt.com reported at the time of the sale, The PPA Group paid $40.5 million to acquire three of the four complexes that Metra United owned in the city. The Austin-based buyer planned to pour an additional $1.2 million into upgrading the 942 class B units.
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