Despite a strengthening upscale multifamily market, Florida-based developer Atlantic Pacific Communities is taking a different approach to building its reputation in San Antonio — affordable.
A year after breaking ground on its first project in Live Oak, the Bay Harbor Islands developer has finalized plans for a 108-unit affordable community in Alamo Ranch, an area that has experienced dropping vacancy rates and rising rents throughout the year.
But rather than adding to the growing upscale residential market in the area, Atlantic Pacific Communities Vice President Dan Wilson said Vista Pointe at Wild Pine will meet the growing demand for lower-priced rental units. He added that while it may look like any other market-rate product in the area from the outside, rents in the development will be far less.
"San Antonio has grown exponentially due to local economic drivers, and we want to serve that growing demand by offering renters with more than just a new place to live," Wilson said of the Alamo Ranch community, which is scheduled to break ground in first quarter 2016. "One thing that drove us to the area was that it has grown exponentially, and we looked at Vista Pointe as a second opportunity to grow our platform in San Antonio."
The complex at 11580 Wild Pine — currently a vacant, 11.17-acre site — will be developed through a joint venture between Atlantic Pacific and Austin-based Madhouse Development Services. It will be the same team behind the 80-unit Arbor at Centerbrook in Live Oak, which is schedule to complete construction in March 2016 and has 40 qualified applicants.
And with the demand for affordable housing spreading throughout the city, Wilson said Atlantic Pacific is looking at every corner of the city for its next step.
Atlantic Pacific "is focused on serving the growing demand by creating more than a place to live," he said, adding that the developer will build a relationship with the city of San Antonio, along with local and state leaders, to secure financing for future developments.