“San Antonio is one of the better markets to be in, in Texas,” Ross said. “This particular submarket is very underserved with finished lots. There’s strong demand from the builders, and they want new product.”
The first phase of the development is expected to be completed in nine months and will include roughly 140 residential lots, Ross said. The investment firm already has started preliminary conversations with area home builders, but none have yet been tapped for the project, he added.
In the 12 months ended June 30, the area around Notting Hill saw about 271 new homes built, with 238 closings, said Jack Inselmann, a vice president at Metrostudy, an industry research firm.
Historically, Inselmann said, the area has seen decent demand with its proximity to major thoroughfares and employers such as Randolph AFB. But the biggest attraction is its affordability, he added.