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SAN ANTONIO – Alliance Residential Co.’s plan to expand its presence in San Antonio is to pay a premium for the sites within the city’s in-demand suburbs — starting with the South Texas Medical Center.

The firm is planning Broadstone at The Med Center, a 284-unit, ground-up residential development that will be located on the site of the former Oak Hills Medical Center hotel, at 7401 Wurzbach Rd. in Northwest San Antonio.

Given the fact that the tract is in the middle of one of the city’s healthiest employment centers and within walking distance to a number of hospitals in the area, it was property that Alliance felt was too good an opportunity to pass up.

In addition to managing five Medical Center properties, Alliance built the Broadstone Colonnade and Broadstone Ranch — two complexes that added more than 500 units to the market back in 2005. The 282-unit Broadstone Colonnade, which has been appraised for $30 million, was sold late last year to Boston-based Eaton Vance Investment Managers.

The Broadstone at The Med Center will be Alliance’s first ground-up development in this market cycle.

And while the company may have taken a back seat throughout the economic downturn, given the increasing demand for San Antonio real estate, it is ready to return to developing — quickly.

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