We have been methodically working away at another new development opportunity in San Antonio, the metro where, according to the US Census Bureau, more people moved to than anywhere else in the country in 2020 and 2021! The kicker on this new 70+ acre opportunity is the surrounding area has a median household income of over $120,000 per year! That is suburban Class-A at it's finest.
So why ground up development? Well, we recognize that in order to buy a nice A class asset in a market we love, we would be looking a opportunities in the 3 cap range. Not much opportunity for cash flow there. With that in mind we felt like it made sense to leverage our construction experience, find a great piece of dirt in a great market and create our own value by developing. When construction is all said and done we will own a premium asset but at a much lower cost basis!
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