By the end of 2013, a total of 4,000 new apartment units will have been added to the San Antonio-area apartment market.
Then it’s on to 2014 where the market could gain another 6,000 new apartment units in and around the Alamo City.
The roster of players includes some relative newcomers, like Turner Busby Development LLC, and well recognized names, like locally based Embrey Partners.
Some years ago, the thought of another 10,000 apartment units being added to the market over the next 24 months would probably have made developers, landlords, and even lenders a little nervous. But after coming off of a rather lengthy dry spell — the market hit a 20-year low in second quarter 2011, delivering a meager 132 new units between April and June — developers are now working to catch up to the pent up demand for new product.
The local multifamily sector is also reaping the benefits of a much more balanced market — as developers target various areas of the city, from the suburbs to the urban core, for their projects.
Tricia Lynn Silva covers real estate, retail, construction, and law firms; she also plans and edits some special reports.