Berkadia announces it has sourced a capital partner for Dallas-based Encore Multifamily, a division of Encore Enterprises, development of a class A apartment community in San Antonio, Texas. The “Encore Lower Broadway” development will be a five-story, 386-unit apartment community built on a 4.2-acre site located on the corner of East Grayson Street and North Alamo Street across from the Pearl District. The site is adjacent to the larger overall Broadway East master-planned development, which will feature 700,000 square feet of office space, 200,000 square feet of high-end retail space developed over multiple phases, a planned W Hotel, and other lifestyle amenities. Groundbreaking on Encore Lower Broadway apartments is expected in August 2021.
Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the capital partner, which is providing a $15.77 million equity investment on top of a $51 million construction loan from Citizens Bank. Earlier this year, the team also sourced a capital partner for Encore Enterprise’s Encore Chandler project – a 208-unit, class A multifamily development located in a qualified Opportunity Zone in a suburb of Phoenix, Arizona.
“Encore Lower Broadway illustrates Encore’s expertise in sourcing well-located infill sites in up-and-coming urban markets where there are a plethora of diverse demand drivers and a healthy renter pool,” said Kirkpatrick. “The capital partner we sourced for Encore’s ground-up OZ project in Chandler, Arizona was very glad to be chosen for this opportunity and both sides are excited for a future pipeline of potential deal flow going forward.”
“We are excited to work with the Berkadia JV Equity & Structured Capital team once again,” said President of Encore Multifamily, Charlie Keels. “This project continues to prove our strength as a multifamily developer despite the heightened challenges of the pandemic, including sourcing land, obtaining entitlements, securing financing, and successfully overcoming construction hurdles across our properties under development, resulting in rents, occupancy, and lease-ups that are generally outperforming their respective market averages.”
Encore Lower Broadway will bring a thoughtful, carefully crafted, urban mixed-use environment where residents will have a true ‘live/work/play’ experience. The 386-unit luxury apartment community will offer a variety of one-bedroom and two-bedroom units with an average size of 836 square feet and a centrally located structured parking garage. Additional amenities include a swimming pool, rooftop deck, dog park, bike storage, fitness center, and clubhouse featuring a clubroom with entertainment, kitchen, coffee bar, media lounge, business center with a conference room, private offices, communal workspaces, and 24-hour package delivery system. The project will benefit from walkability and proximity to numerous neighborhood amenities and large office tenants, including Jefferson Bank, Bank of America, Credit Human, and the Alamo College District. It is located just a half-mile from The Park at Pearl and the San Antonio River Walk, 1.5 miles to downtown and the Alamo District, and 7 miles to the San Antonio International Airport.
