Multifamily: Villages of Paso Real Phase Two Underway

SAN BENITO, TX – Close to two years after moving dirt on the 110-unit first phase of Villages of Paso Real, developer RightQuest LLC of Dallas has launched construction on the 70-unit second phase on behalf of Villages at Paso Real LP.  The remaining units will be completed in 2012, with the first buildings coming on line next spring.

GlobeSt.com previously reported that RightQuest is developing the multi-phase project at 349 S. Helen Moore Rd. on behalf of Brownsville, TX-based Villages at Paso Real LP. Ryan Harden, Right Quest’s president, noted in the earlier interview that the project was undertaken because of the need for high-end housing in the Lower Rio Grande Valley.

In a follow-up interview, Harden tells GlobeSt.com that Paso Real’s first phase was leased up right on schedule and that “we’re anticipating more of the same for phase two.” In addition to the fact that the multifamily sector is improving across the board, nearby Harlington, TX is seeing growth – for example, the just-completed Bass Pro Shops will celebrate its grand opening on Nov. 16. Both phases of Villages of Paso Real, which is being built at costs north of $10 million, is the closest market-rate community to the new development.

“There is more development going on in the (Rio Grande) Valley than when we started phase one,” Harden says. “When we first launched construction on Paso Real, construction wasn’t really done, especially in that area.”

Harden goes on to say that, in addition to 180 multifamily units, the 18 –acre parcel has an eight-acre space for commercial development. He says there are plans to bring in service-oriented retail, such as a bank. “We’re currently not projecting a third site for apartments,” he adds.

Apartment rents range from $550 to $1,050 per month for one-, two- and three-bedroom units. Units measure from 616 square feet to 1,234 square feet.

The San Antonio architectural firm of B&A Architects and the Harlingen-based civil engineering firm of Brown, Leal & Associates are coordinating the project’s design. The second phase general contractor is Austin-based Journeyman Construction Inc. IBC Bank is providing the financing for the project. The San Antonio office of Capstone Real Estate Services is providing lease-up and property management services.