AUSTIN, TEXAS (Sept. 11, 2013) — Austin-based Oden Hughes LLC together with Desarrollos Delta of Monterrey, Mexico will break ground early next year on the first phase of a 950-unit Class A multi family community in northwest San Antonio.
Located near the southeast corner of I-10 and Loop 1604, the project will be built in three phases over five years with the first 350 units expected to open in mid 2015. Project cost was not disclosed.
The one, two and three-bedroom units built in the first phase will range in size from 479 to 1,350 square feet and rent for between $800 and $1,750 a month. Amenities will include a resort-style pool, rooftop terrace, two-story clubhouse and beautiful Hill Country views.
This will be the eighth and the largest new apartment project for Oden Hughes, which was formed by two industry veterans, Steve Oden and Craig Hughes, in 2010.
Oden said the company chose this site because of its close proximity to many major employment centers including the corporate campuses of USAA, NuStar Energy and Valero Energy, as well as the University of Texas at San Antonio and the San Antonio Medical Center District. Several major retail centers including The Rim Shopping Center and The Shops at La Cantera also are nearby.
“This is a true marquee site that gives Oden Hughes the ability to build a marquee development at the most dynamic intersection in San Antonio,” said Oden.
Oden Hughes will be the general contractor. Kelly Grossman is the project’s architect, and Pape-Dawson Engineers Inc. is the engineer.
Oden Hughes is buying 25 acres from a partnership operated by Fulcrum Property Group and Details Real Estate Services. The property under contract is part of Fulcrum Property Group’s 98-acre Landmark master planned development and includes a 5-acre medical office tract and a 1.5-acre retail site that Oden Hughes plans to sell.
“This is a great location,” said Apartment Realty Advisors principal Pat Jones. “You have a ton of people flocking to that area of the city, and it continues to grow because of the nearby employment centers, major retail, affluent demographics and transportation.”
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