Brooks Raises $185M for BTR Community in San Antonio

Brooks Development Authority has landed a significant amount of financing for its latest residential project that’s part of its overall mixed-use development in San Antonio. Preston Hollow Community Capital (PHCC) provided the $185 million in tax-exempt bond financing to Brooks, which will use it to develop a build-to-rent residential community called Los Cielos.

Los Cielos will feature 492 for-rent, single-family homes that will be built with attached two-car garages and backyards. The community will feature an amenity center, working center, pool, dog park, gathering areas and pickleball courts.

Los Cielos will be the latest residential project as part of Brooks Development Authority’s ongoing plans to redevelop Brooks into a large-scale mixed-use community. The site’s former life as the Brooks Air Force Base came to an official end in September 2011. PHCC’s investment in Brooks with the latest bond issuance comes to $358 million.