A Dallas developer is betting big on San Antonio’s job market by trying to turn a rock hill into luxury apartments.
Genesis Capital Partners, which operates as GenCap, filed plans with the Texas Department of Licensing and Regulation to build a $48 million multifamily project on a 16-acre lot in Westover Hills.
Bexar County records show a deed of trust changed hands June 2 between a GenCap affiliate and the seller, K Partners Westover Hills LP, for $3.65 million, according to the San Antonio Business Journal.
However, Mark Johnson, who heads GenCap’s multifamily development, told ABJ that the final closing cost was closer to $5.5 million — still cheaper than the county’s $6.65 million assessed valuation of the land.
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Johnson said the property’s motivated seller, who had marketed the land for three months, was one reason for the discount.
That, and the land’s rocky composition.
“It’s one big rock hill,” said Johnson. “There’s about six inches of dirt and the rest of it is rock. There’s a lot of dirt work required to get this project going.”
Regardless, GenCap is set on this project because of Westover Hills’ growing job market.
“We follow jobs,” he said. “We look to where the jobs are growing and where there’s other commercial development.”
The developer aims to start construction in January with a completion date in early 2025. Park at Westover Hills, as it’s called, will offer studios, one- and two-bedroom units and townhomes between $1,600 and $1,700 per month — with 372 units in total.
— Maddy Sperling