San Antonio Apartment Project to Cost $65 Million

Daniel Corporation’s near-record cost to build its luxury multifamily project in San Antonio is now revealed.

The partially complete Hartwin Bulverde, an apartment and townhouse complex on the north side of Loop 1604, will cost an estimated $64.6 million by the time it’s finished next year, according to a filing with the Texas Department of Licensing and Regulation. It’s the most expensive multifamily project in Bexar County on TDLR’s record, which dates to 1992. Other projects estimated to cost more include the Weston Urban high-rise, which reportedly cost about $107 million, and a Palladium development budgeted at $75 million.

The complex will include 350 units, 24 of which will be garage-equipped townhomes that Daniel Corporation is marketing as “carriage houses,” according to the company’s project summary. The estimated construction cost amounts to about $185,000 per unit. Community amenities will include a three-tiered pool and a co-working center in the apartment clubhouse, and select apartments will have wine fridges.

Tenants are already moving into the apartments, but the townhomes are still under construction, according to a leasing agent at the complex. Daniel Corporation’s filing estimates a completion date this year, but the Hartwin Bulverde employee said the buildings may open as soon as April. Daniel Corporation Vice President Andrew Irish, the listed contact for the project, did not immediately respond to a request for comment.

When Daniel Corporation began work on the project in August 2023, San Antonio apartment occupancy rates were at a 10-year low of 88.2 percent according to MRI ApartmentData, following a building spree that glutted the market. Although San Antonio is one of the nation’s cheapest apartment markets compared to other big cities, according to CoStar, many of the pandemic-era projects were marketed toward wealthy tenants. The increase in supply depressed rents as well as occupancy.

Multifamily developers have been pumping the brakes since then: Between 2020 and 2025, San Antonio posted the country’s greatest decline in multifamily construction starts, according to U.S. Census Bureau data.

Monthly rents for studio apartments in the Hartwin Bulverde start at $1,380, and three-bedroom apartments start at $2,660, the project’s website shows. Floor plans for the carriage homes aren’t available yet.

The average studio apartment in San Antonio costs $898 per month to rent, and the average three-bedroom costs $1,797, according to RentCafe.