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MARKET WATCH: Stone Oak Development Still Growing

Development, particularly residential, remains hot in the Stone Oak area.  New schools, homes and businesses continue to develop in the area.  Austin-based developer Oden Hughes announced recently it will build the 312-unit Agora Palms Apartments on an 18-acre tract northwest of the intersection of Loop 1604 and U.S. 281. Plans call for a resort-style pool and sundeck, a fitness center, movie theater, dog park and even a dog washing station at the new apartment complex.  Agora Palms will include one, two and three-bedroom apartments ranging from 587 to 1,700 square feet. Rent prices are projected to be from $897 up to $2,024. Oden Hughes officials said they were drawn to the affluent tenant demographics in the area, as well as the increased number of neighborhood businesses.

Village at Stone Oak, Courtesy Loop Net
Village at Stone Oak, Courtesy Loop Net

Newer notable enterprises in the area include Trader Joe’s grocery store on 1604 near Stone Oak Parkway and an Impact Urgent Care clinic on U.S. 281 North. Additionally, Grimaldi’s Pizzeria plans to open a location at the Village at Stone Oak retail center late this year.  Stream Realty Partners announced it will develop an active adult community north of the intersection of Stone Oak Parkway and Hardy Oak Boulevard. The community will consist of a 150-unit apartment complex where ground will be broken early next year.

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The campus for residents age 55 and over will include health and wellness centers, community gardens, an outdoor kitchen area, social lounges and walking trails. This announcement comes as active/luxury adult living has become a growing market in San Antonio. Officials with Stream Realty Partners said the city has plenty of assisted living and skilled nursing and continuing care retirement communities, but has room for luxury communities for active adults. The community will include one- and two-bedroom condo-style units on a 7.5-acre tract.  High-end multi-family and active adult communities are hot commodities overall in the San Antonio area, and it’s no different in Stone Oak.  Sonterra Blue, a 324-unit apartment complex at 922 E. Sonterra Blvd. will go on the market as soon as its occupancy level rises a bit more. Will Balthrope of Institutional Property Advisors will take 1-year-old complex to market for $35 million once it goes from 85 percent occupancy to 90 percent.  Sonterra Blue features rents averaging more than $1,000 for a one-bedroom apartment and goes as high as $1,905 for a three-bedroom apartment. The complex includes a fitness center, resort-style swimming pool, clubhouse, granite countertops and garden bathtubs.

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