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Interstate 10 West & Balco...

Allen Harrison Company Acquires 12 Acres In Lemon Creek Ranch For Multifamily Development
SOLDDevelopment Site

Allen Harrison Company Acquires 12 Acres In Lemon Creek Ranch For Multifamily Development

Building Size

Asset Type

Development Site

Closing

Oct 17, 2023

AI

Allen Harrison Company, represented by Paul Forbes, has purchased a 12-acre development site within the Lemon Creek Ranch development near San Antonio. The site is located at Interstate 10 West & Balcones Creek in Boerne. The development includes residential units, retail space, and an H-E-B grocery store that is set to open in early 2024, known to stimulate local development.

Summary of Transaction Details:

  • Property Type: Development Site
  • Transaction Amount: Not specified
  • ACRES: 12
  • Address: Interstate 10 West & Balcones Creek, Boerne
  • Market: Boerne

Allen Harrison Company, led by Paul Forbes, has acquired a 12-acre development site within the Lemon Creek Ranch development near San Antonio. The purchase is for a multifamily project that will be developed on the site. The development also includes residential units, retail space, and an H-E-B grocery store, which is expected to open in early 2024. The presence of the grocery store is known to have a positive impact on local development.

Players

AC
Allen Harrison CompanyBuyer

Market Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93