Encore Lower Broadway to Break Ground Next Month

Berkadia recently sourced a capital partner for Dallas-based Encore Multifamily, a division of Encore Enterprises, for the development of a class-A apartment community in San Antonio. The Encore Lower Broadway development will be a five-story 386-unit apartment community built on a 4.2-acre site located 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 retail space and a planned W Hotel. Groundbreaking on Encore Lower Broadway apartments is expected next month.

“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,” says Charlie Keels, president of Encore Multifamily.

Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia secured the capital partner, which is providing a $15.77 million equity investment on top of a $51 million construction loan from Citizens Bank.