Contact Information

Todd Fletcher

Newmark

CONTACT BROKER

Price: Call for Price
Listing ID: 5089332
Posted On: Apr 3, 2024
Updated On: Apr 10, 2024

Description

Rare opportunity to create a five-star,
Class A manufactured housing site in
one of the fastest growing markets in
the country, San Antonio, TX.
– Proposed project would be 626 sites developed over three
phases with 250 sites in Phase I, 202 sites in Phase II, and
174 sites in Phase III. The community sits on 98 acres and
will offer lot dimensions of 40’ x 110’ and 50’ x 110’.
– The Owner has a detailed budget along with contractor bids
(available after signing a CA). Ownership is willing to stay in
as a minority sponsor or can be a JV partner to manage the
entire development. They will also consider an outright sale
where they do not stay involved. The group has significant
experience with single family horizontal developments in
the area.
– All final permits can be pulled within 4 months. However,
the Owner is holding off on the permitting in case a buyer or
JV partner has changes to the business plan. The following
permits/entitlements are required: Stormwater Quality
Permit (SWQ); Post Construction Permit; Tree Permit; CPS
Invoicing and Plan; Plat Approval; Water General Construction
Permit (GCP); Sewer General Construction Permit (GCP).
– Water/Sewer tap fees are currently $6,302 per pad and
payable once a home is connected. The tap fees are included
in the Owner’s budget. However, some developers push that
cost to the home buyer which would save nearly $4 million
in development costs.
– Objective is to rely on the seller’s existing strategic
relationship with leading home manufacturers who will
setup staffed showrooms in the community to drive sales
and leasing.
– Some low leverage seller financing on the land might be
available for a qualified buyer.
– Property has convenient access to major thoroughfares
(IH-10, 410 and 37) and will provide four distinct entry and
exit points.
– There is also an existing house on-site that can be converted
to a clubhouse. The plan is to build out a high-end amenity
center including playground, pool, dog park, gym, basketball
and soccer courts.
– The immediate vicinity includes multiple new residential
communities where homes are selling for around $300K and
manufactured home site rents are around $630 per month.
Strong demographics in the area with average household
incomes of $96K within a 3-mile radius and a total population
of nearly 300K within a 10-mile radius of the site.

Location

– The subject property is ideally located within 15-minutes of downtown San Antonio and surrounded by industrial and residential growth. The site is within three miles of many prominent retail stores including HEB, CVS, Walmart, and Sam’s Club, as well as near an Amazon Distribution Center and the HEB Headquarters.
– Since 2020, San Antonio has been the nation’s third-fastest growing metro with a population greater than 2 million. The city’s strong population growth is driving demand for affordable housing.
– San Antonio ranks the No. 8 “Real Estate Market to Watch in 2024”, illustrating the growth of the region as a top metro to live, work, and grow business (Urban Land Institute, Emerging Trends in Real Estate).
– San Antonio has experienced significant economic growth within the past 10 years. More recently, in the past 12 months, the San Antonio metro gained 41,700 jobs, a 4.2% expansion well ahead of the 2.8% national average (Multi-Housing News, Nov ‘23).
– Proximity to major employment and some of the area’s most
anticipated projects:
» Brooks is a 1,308- acre community that is home to more than 50
businesses with 5,300+ employees on campus. There have been
$1.34B in development to date.
» A 2.2 million square-foot industrial project is coming to China
Grove Industrial Park on the east side of San Antonio. The project
will commence in 2024 and is expected to create 1,000 permanent
jobs and 950 construction jobs with a $230 million
capital investment.
» Toyota invested $390 million in 2022 to expand their SUV
assembly line at their Alamo City Campus. The expansion added
more than 600 jobs (total of 2,660 employees today).
» Hemisfair Park is currently undergoing a multimillion-dollar
revitalization that aims to transform it into an urban district with
residences, local businesses, and multiple parks. It is home to the
Henry B. Gonzalez Convention Center, which hosts hundreds of
events and exhibits every year, and the Tower of the Americas, the
iconic 750-foot tall destination providing panorama views of the
city and a revolving restaurant.
» The Joint Base San Antonio (JBSA) is the largest base organization in the Department of Defense. The base supports more than 250,000 personnel and awards $135M in contracts to small businesses annually.