SAN ANTONIO – Houston-based real estate investor Urban Genesis has broken ground on Oasis at Stone Oak, a 284-unit build-to-rent community.
The firm, working with Grandview Partners, recently received a $46.3 million loan from U.S. Bank to help finance the project.
Homes will be “alley-served” rather than having street-facing garages. The unit mix will be 40 percent one-bedroom, 20 percent two-bedroom, and 40 percent three-bedroom.
Rents will be roughly 20 to 40 percent lower than the monthly cost of homeownership in the Stone Oak submarket.
The project will be delivered in phases, with the first phase to be completed in 15 months. The following three phases are expected to be completed in five-month intervals.