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Apartment Construction boom under way in San Antonio

by admin on February 9, 2012

Rents are up, apartments are full, and developers are responding.  More than 4,000 new apartment units should hit the market in the San Antonio area this year, many of them with upscale amenities, as developers and investors respond to demographic trends and the difficulty that would-be first-time homebuyers are having qualifying for a mortgage loan.

In the fourth quarter of 2011, more than 2,400 new apartment units started the permitting process, the highest quarterly number since the early 1980s.

The new projects are being added largely to the North and Northwest sides of the city, as well as to near-downtown locations such as the Broadway corridor.

In the fourth quarter of 2011, apartment occupancy was 91.5 percent and rent averaged 89 cents per square foot, up about 4.3 percent from the year before.

“You’ll see an increase in overall market rent,” Claycomb said. “It won’t be obvious at first, but the rent in San Antonio has crept up and it’s going to continue to do that.”

jhiller@express-news.net

Read more: http://www.mysanantonio.com/business/article/Apartment-construction-boom-under-way-in-San-3157985.php#ixzz1ltoggQqY

The 1800 Broadway will be comprised of 230-unit luxury apartment homes located just north of downtown near the Pearl Brewery. The project is expected to be completed in March 2013. ILLUSTRATION COURTESY OF CRITERION DEVELOPMENT PARTNERS Photo: COURTESY ILLUSTRATION, CRITERION DEVELOPMENT PARTNERS / SA  Read more: http://www.mysanantonio.com/business/article/Apartment-construction-boom-under-way-in-San-3157985.php#ixzz1ltoggQqY

The 1800 Broadway will be comprised of 230-unit luxury apartment homes located just north of downtown near the Pearl Brewery. The project is expected to be completed in March 2013.    ILLUSTRATION COURTESY OF CRITERION DEVELOPMENT PARTNERS Photo: COURTESY ILLUSTRATION, CRITERION DEVELOPMENT PARTNERS / SA

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