Details of the loan were not available by press time. Thecomplex is to be built on 13.24 acres at the northeast corner ofWurzbach Road and Crystal Hill Drive in the west submarket. Theproperty is just west of Ingram Mall at Loop 410 and IngramRoad.
The project is to have one- and two-bedroom apartments in 15two- and three-story buildings. It also will have a clubhouse, pooland volleyball court.
Apartment occupancy was 5.2% in San Antonio's west submarket inthe second quarter in comparison to 5.1% at midyear 2001. Thecity's overall vacancy rate was 6.1% up from 4% a year earlier.Rents dropped 4.9% in the second quarter this year.
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