NRP Group has begun construction on a Lone Star neighborhood apartment complex that will be marketed to a range of potential tenants, from young professionals to empty-nesters.
Acero, a $56 million, 323-unit apartment complex going up at 419. W. Cevallos St., sits along a part of San Pedro Creek that in the near future will see the same type of restoration and recreational development happening on the creek’s northern sections. The more than 10-acre property lies just east of Interstate 35 and the creek, west of South Flores Street, and southwest of the King William Historic District.
NRP officials say Acero will be attractive to a variety of prospective tenants wanting to live in an upscale yet affordable community in the city’s urban core.
“We are thrilled to be offering housing of the highest quality in San Antonio, which has experienced incredible growth in recent years,” NRP co-founder and Chief Executive Officer J. David Heller said in a news release.
“Acero will add a unique living experience to an already vibrant neighborhood.”
Acero will be made up of studio, one-, two-, and three-bedroom units in five three- and four-story buildings with a combination of surface parking and attached garages, the release states. No rental prices are yet available.
Planned amenities will include a resort-style pool, a fitness center, outdoor grills, a fire pit, a dog park and a pet wash. Additionally, residents will have access to a round-the-clock package concierge, a cyber lounge, bike storage and repair facilities, and work-from-home conference areas. Construction of Acero is set to finish in spring 2021.
NRP partnered with the San Antonio Housing Trust Public Facility Corp., a nonprofit that works to leverage public and private resources to help develop and promote affordable housing. The corporation is overseen by a board of directors that includes the mayor and City Council members.
Thanks to the partnership, NRP pledges to lease half of the units at Acero to residents who earn less than 80 percent of the greater San Antonio-area median income, which is $53,440 for a four-member family.
City officials have called for stronger efforts to develop more affordable housing, particularly in center of town.
“Acero is another example of NRP’s commitment to meeting the housing needs of all within our community,” City Councilman Roberto Treviño (D1) said in the release. “Housing is one of our most important initiatives and it will be great to see a new residential community in this neighborhood that also provides an affordable component.”
The project received the Historic and Design Review Commission’s conceptual and final approval this year. NRP design manager Ryan Reed had promised the commission that the apartment complex design would complement its immediate surroundings, which primarily feature industrial structures.
NRP is experienced in developing multifamily communities in and around Southtown, having built Cevallos Lofts on East Cevallos Street and The Flats at Big Tex. NRP no longer manages the latter complex.