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NW San Antonio residential competition heats upNW San Antonio residential competition heats uphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=3372015-07-17T06:56:00Z2015-07-17T10:00:00Z

SAN ANTONIO - Another upscale residential development has started construction in Northwest San Antonio, but given the amount of new product in that area, it is going to be a challenge to separate each property from the pack.

Construction recently started on Legacy Flats, a 310-unit apartment complex along Loop 1604 at Shanefield Rd.

The biggest draw of the $30 million project would be what other similar properties in the area will never have: access. The nearly 12.5-acre site has primary access and 580 feet of frontage on Shanefield Rd., as well as direct access onto Loop 1604.

Scott Weems, senior director at San Antonio Commercial Advisors, said, "With 40 percent of the city’s housing starts in the northwestern submarket, combined with rapid population growth and the onslaught of young professionals, it is an attractive but increasingly competitive submarket."

In a submarket where incomes average $80,000, new developments have been able to command nearly $1.30 per sf.

Take a look at the chart to see how some of the other neighboring developments compare.

Northwest Market Quick Take*
Project Name Units Year Built Occupancy Market
Rent
Avg.
$/SF
Legacy Flats 305 2015 0% $1,097 $1.28
Carriage Hill 240 2014 90% $1,118 $1.28
Springs at Alamo Ranch 232 2014 94% $1,188 $1.21
Thirty Oaks 297 2014 45% $1,145 $1.29
Westwood 204 2014 98% $838 $1.18
Sevona Westover Hills 296 2012 87% $1,031 $1.30
Carmel Canyon 124 2011 95% $989 $1.19
Alamo Ranch 340 2009 96% $995 $1.25
Brynwood 276 2007 94% $894 $1.11
Laurel Canyon 356 2004 95% $921 $1.23
Rent Comp Averages 263 - 96% $996 $1.21


*Ranked by year built.

San Antonio Business Journal
San Antonio-New Braunfels
Multifamily
http://www.bizjournals.com/sanantonio/print-edition/2015/07/10/fueling-competition-in-the-northwest-residential.htmlRead more at {Source}

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