San Antonio is an attractive destination for apartment communities, as evidenced by Atlantic Pacific Communities (A & P). The company recently purchased seven acres on the northeast side of town and plans to develop a new apartment complex. If they follow through, it will be their eighth in the region. The latest site is located just north of Morgan’s Wonderland Complex at 4557 Thousand Oaks Drive.
Though many details remain undisclosed, San Antonio Business Journal reported that Bexar County filed a $16 million loan from Houston-based Stellar Bank in April as part of the transaction. Additionally, the assessed value of land was $401,000.
A & P currently owns seven other communities in San Antonio area and are building Vista at Interpark and Vista at Everest – both 64-unit complexes with rents restricted to 80% or less than average median income – under partnership with local firm OCI Development .
