Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.
Embrey has closed on its purchase of land in the New Braunfels market, clearing the path for the construction of the real estate investment company’s planned Collection at Gruene development, the first for its newly launched, single-family rental platform.
The project will feature one- and two-story structures and will include 126 duplex-style homes, with 252 units.
The project will expand the San Antonio-based firm’s current portfolio beyond “traditional multifamily residences,” said John Kirk, managing director and executive vice president of development for Embrey.
Gruene is a historic district tucked into one of the fastest-growing cities in the U.S. It’s home to one of Texas’ more iconic music venues, Gruene Hall. It’s also an area that has continued to attract more businesses and residents.
“We have a premier location where residents can walk to historic downtown Gruene,” said Jeremy Williams, senior vice president of development for Embrey. “The community is easily accessible to both Austin and San Antonio and close to local attractions like the Schlitterbahn Waterpark & Resort and the Guadalupe and Comal Rivers.”
Embry officials believe the product they have planned for the Texas Hill Country will meet the demand of more discretionary renters. The residences will feature granite countertops, stainless-steel kitchen appliances, washers and dryers, private driveways, fenced yards and attached garages with EV car-charging outlets. Select units will also have built-in desks and walk-in showers.
Residents will have access to a private community clubhouse with a media room, a fitness center connected to an outdoor exercise and yoga lawn, as well as a resort-style pool with sun decks, cabanas and shade trellis lounge areas. The development will also have outdoor grilling and dining areas, along with a large, fenced dog park.
The club and first units are expected to be completed by first quarter of 2023. The entire project is slated to be finished by early 2024.
The land deal was financed by PlainsCapital Bank.