Origin Investments, Morgan Group Team on San Antonio Qualified Opportunity Zone Project
By
Multifamily investment sponsor Origin Investments and Morgan Group, a vertically integrated investment and development firm, have formed a joint venture and broke ground on Altitude at Brooks, a 324-unit multifamily project in a qualified opportunity zone on the growing Brooks community.
The development, one of only three Class A developments in the area, is the 11th equity investment commitment in the Origin Qualified Opportunity Zone Fund II – which it closed in May 2023 after raising more than $300 million – and its first in San Antonio. For Morgan Group, this represents its fourth development in San Antonio and second at Brooks, which is one of the fastest-growing ZIP codes across Bexar County.
“We are excited to be partnering with the Morgan Group, a developer with a storied history, stellar reputation, and great track record,” said Phil Schuholz, vice president of acquisitions at Origin Investments. “We look forward to realizing the Altitude community as it further establishes the benchmark for Class A residential units across the southern region of San Antonio.”
Altitude at Brooks, at 2730 Louis Bauer Drive, is located on nearly 14 acres in the southeast quadrant of the Brooks campus – 1,308-acre mixed-use community and former site of Brooks Air Force Base. The garden style community is being developed as a series of 10 three-story buildings, which will offer one-, two-, and three-bedroom units. Amenities include a resort style pool, spin and yoga room, fitness center, clubroom, conference room, EV stations, outdoor entertainment area, bike storage, garages and carports, and a dog park.
The first units of Altitude at Brooks are expected to be delivered in spring 2027.
“Origin Investments brings a wealth of real estate knowledge and experience that will enhance this venture,” said Jason Hauck, senior vice president of development at Morgan Group. “We also want to express our appreciation to Brooks for the privilege of embarking on our second development within the thriving community. Brooks is a dynamic, high-growth area of San Antonio that has attracted more than $1.34 billion in investment under its executive leadership.”
According to Origin, Altitude complements six existing and three future residential communities at Brooks and will be situated among several educational facilities ranging from Pre-K to higher education, key employers, and the region’s only hospital. According to Origin’s Multilytics, a 3.77% five-year average annual growth rate is projected.
“Providing quality and diverse housing options for the growing workforce across the Brooks region is imperative,” said Leo Gomez, president and chief executive officer at Brooks. “Recreational, educational, healthcare, and other amenities are within walking distance of Altitude, and I look forward to seeing this new community reap the benefits of living at Brooks.”
The property is located off highways Loop 410 and IH-37, providing connectivity to additional nearby employment centers and retail trade areas. Altitude at Brooks is located approximately 10 minutes south of downtown San Antonio and approximately 20 minutes from the San Antonio Airport.
Last month, Origin and joint venture partner CEDARst Companies refinanced The Rosie multifamily community in Chicago with a nearly $39.2 million loan from Bridge Debt Strategies.
Since 1959, Morgan Group has built or acquired over $4.5 billion of multifamily assets, consisting of over 21,000 units. Currently, Morgan’s owned and managed portfolio consists of more than 15,000 units across Texas, California, Arizona, Colorado and Florida.
Founded in 2007, Origin Investments helps high-net-worth investors, family offices and registered investment advisers grow and preserve wealth by providing tax-efficient real estate solutions through private funds. As of June 30, 2024, the firm reported $2.8 billion in assets under management.
Click here to visit The DI Wire directory page.
