Two multifamily communities in far North San Antonio have been sold to new owners this summer, while construction has started on a rental home community in the same area.
California-based Watermarke Properties announced Aug. 31 it acquired The View at TPC, a 416-unit complex at 4092 TPC Parkway.
Formerly Cortland View at TPC, this property has an assessed value of $68.5 million and was sold for $70.8 million, according to a news release. Opened in 2014, the 13-building community features one- to four-bedroom floor plans ranging from 652-1,850 square feet, a fitness center, a pool, a lounge and a clubhouse.
Watermarke representatives said they were intrigued by the View at TPC’s amenities, luxury atmosphere, and its proximity to the TPC San Antonio golf club and the Cibolo Canyons neighborhood.
"The View at TPC elevates the residential living experience. Residents can feel right at home here," acquisitions manager Joe Hooker said in a statement.
Also in August, the Milestone Group, a privately held real estate investment management firm, announced it bought the Archer Stone Canyon Apartments, a 228-unit community located at 21302 Encino Commons.
The company Internacional previously owned Archer Stone Canyon, which opened in 2005 and features a swimming pool, a fitness center, a clubhouse and a controlled-access playground.
Representatives for Milestone said their company intends to provide several capital enhancements at the property, which is located near The Village at Stone Oak retail center.
Elsewhere in North San Antonio, Houston real estate investor Urban Genesis announced in August it began work developing Oasis at Stone Oak, which will offer 284 homes built to rent in the Canyon Golf Road area.
Urban Genesis representatives said the community will have one- to three-bedroom units, street-facing garages and rents that will average 20% to 40% lower than the monthly homeownership cost in the Stone Oak area.
Urban Genesis officials also said the first phase of homes is scheduled for delivery in late 2024 with three follow-up phases to open up more homes over a nearly two-year period.