It’s no secret that Brooks wants to diversify its housing options as a way to attract tenants who are working at neighboring businesses with high-paying jobs. Brooks recently bought 14 acres adjacent to its current footprint and will lease it to NRP. NRP will in turn build 350 market-rate apartments at a cost of $78 million. Brooks will also look for a developer for nearby commercial projects.
The San Antonio Zoning Commission is on board. It approved a request to allow for 23 apartment units per acre, up from 11 units per acre.
The NRP Group has agreed to lease terms, $75,000 in rent the first year, with a 3% yearly increase. They expect to close on financing by the end of 2024 and deliver in June 2027. Brooks will develop the commercial side of the project, but a timeline for that aspect has yet to be determined.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.