Greystar, a Charleston, South Carolina-based development company with a presence in San Antonio, has secured its next development contract. The project area is a 4.3-acre tract in the La Arcata mixed-use development site in Stone Oak near Loop 1604. The company is planning to form a mixed-use project there, and hopes to close the sale within the next two months. The project, according to preliminary reports, would involve a 143-unit complex built on the property owned by local firm Galo Properties.
According to a filed construction permit, the $22.5 million project would be called Overture at Stone Oak, and is being designed by Houston-based architecture company Meeks Partners. Greystar hopes to begin work on the project in February and plans for construction to last for 24 months. Greystar is busy with other local projects, including finishing out the Agave development, a higher-end 349-unit apartment complex at 633 S St. Mary’s St.
Chicago-based firm Draper and Kramer has purchased the 342-unit Sonterra Blue community in Stone Oak. It’s the firm’s first San Antonio asset, and marks the company’s effort to benefit from a fast-growing multifamily market in this city. Draper and Kramer, a real estate property and financial services company, acquired Sonterra Blue from Dallas multifamily firm Carleton Residential Properties, which developed the market-rate apartment complex in 2014. According to reports, Sonterra Blue has a 2015 appraisal value of $37 million as of 2015. Rents at Sonterra Blue are more than $1,000 for a one-bedroom unit and go up to $1,905 for a three-bedroom unit.
Amenities include a fitness center, swimming pool, clubhouse and garden bathtubs. Sonterra Blue opened last June, and reports less than 10 percent vacancy. Real estate experts said the sale shows only increasing interest in local multifamily properties from a variety of buyers, and that the acquisition of Sonterra Blue proves the continued strength of the far North Central San Antonio market.