SAN ANTONIO, TX - Amstar, a Denver-based real estate investment manager acting on behalf of one of its public retirement system clients, announced today the acquisition of a 2.3-acre development site in San Antonio. Amstar and its development partner, Transwestern Development Co., will construct a 229-unit apartment building on the site. The infill development, known as Southtown Flats, will begin earthwork activities in January 2015 with the first units scheduled to deliver in the first quarter of 2016.
Located at 111 Probandt St., Southtown Flats is in close proximity to many of San Antonio’s most popular restaurants, bars and shopping destinations. The San Antonio River Hike and Bike Trail, Blue Star Contemporary Art Museum and King William District are all just steps away from the property. Community amenities will include a resort-style pool with outdoor kitchens and cabanas; passive courtyard featuring a yoga lawn, hammocks, game areas and fireplace; secure bicycle storage rooms; roof deck with downtown views, grilling stations, dining areas and fire pits; clubhouse with catering kitchen, dining areas, and resident lounge with flat screen TVs; state-of-the-art fitness center including yoga studio, cardio equipment, free weights and classes provided by FX Fit.
Southtown Flats will be built in two five-story buildings that surround a 4.5-level garage. In addition to stainless steel appliances, each unit will feature quartz countertops, gourmet kitchen islands, custom wood cabinets and private balconies.
“Amstar is thrilled to partner again with Transwestern Development Co. on a Class A multifamily development. San Antonio is still early in its economic recovery and with strong renter demographics, we believe Southtown Flats will be a successful investment,” said Amstar Managing Director Daniel Cohen.
“We look forward to breaking ground on this luxury community,” said Transwestern Development Co. Associate Vice President Josh Delk. “Southtown Flats will be constructed to the highest quality finishes that San Antonio renters are seeking. The Southtown neighborhood is in high demand because of its rich culture, new restaurants, art galleries and proximity to downtown.”