The two-phase development is situated on 18 acres on Paso Real Highway near US Hwy. 77. According to Right Quest president Ryan Harden, the project is underway because of the a high demand for high-end housing in Texas' Lower Rio Grande Valley. In-migration and immigration, not to mention area growth are the culprits.

"The last luxury project built was in Harlingen (TX), and there's a lack of supply of this type of product," Harden tells GlobeSt.com. He explains that the need for quality housing is also due to the nearby Valley Baptist Medical Center.

"The primary source of demand for our complex is medical professionals, and we're also targeting families," Harden comments. "That's why we have a number of three-bedroom units in this phase." The units are being built under the 2006 International Building Code, meaning all units will have fully functioning fire sprinklers, the only market-rate complex in the Lower Rio Grande Valley with this feature. The monthly rents will range from $600 to $900 per month.

There is no timeline as yet for the approximately 110-unit second phase, and Harden says property management company Capstone Real Estate Services in San Antonio is getting ready to start marketing the project. If leasing velocity is strong, he says, phase two could start as early as mid-2011. Meanwhile, the Brownsville, TX-based Villages at Paso Real LP, through Right Quest Brokerages Services LLC, is gearing up to market the eight acres fronting the building for a variety of possible retail uses, Harden adds.

The project architect is B&A Architects of San Antonio, while Brown, Leal & Associates of Harlingen coordinated the design. KWA Construction LP of Addison, TX is the general contractor. IBC Bank is providing the financing for the project.