CIBOLO – The NRP Group LLC has broken ground on Trophy Oak, a 324-unit apartment complex along FM 78 between Red River Ranch and S. Main St.
The developer has partnered with The Cibolo Public Facility Corp. (PFC) to make units affordable. As long as half of the units are reserved for residents who earn no more than 80 percent of the area median income, NRP will avoid property taxes.
PFC will own the land for the next 75 years.
The $41 million project will start preleasing in fall 2020. Construction will wrap up in summer 2021.
Get more San Antonio multifamily news on the Real Estate Center's website.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.