Proposed Villita Tower in downtown San Antonio
JMJ Development is sourcing $47 million in debt and equity for the construction of Villita Tower at 120 Villita St.
The 30-story, 201-unit, market-rate multifamily residential development is soon planned for this supply-constrained metro. Villita Tower capitalizes on the tight rental market of San Antonio.
Additionally, there will be 12,000 sf of commercial space, which will house three restaurants and a coffee shop.
Villita Tower has a 24-month construction timeline, which will commence once financing is secured.
San Antonio is the seventh largest city in the country, and like the other major Texas MSAs, has been putting up strong numbers in job growth, ranking 10th fastest city in jobs growth at 3.2 percent this past year. San Antonio unemployment sits at only 3.9 percent.
Click to read entire article: Colliers on the Hunt for $47M on Behalf of Texas Multifamily Developer (Commercial Observer, 2-15-16)
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