A Phoenix developer bought more than 16 acres of vacant land east of the University of Texas at San Antonio to build a 384-unit multifamily community.

Alliance Residential purchased a 16.25-acre lot at Vance Jackson Road from Galleria Ventures Ltd for an undisclosed price Dec. 11, according to Reonomy data. The property was last assessed for $5.62 million, according to the Bexar County Appraisal District. The property is just southeast of the road’s intersection with Presidio Parkway and directly north of the West Oaks Luxury Apartments at 14838 Vance Jackson Road.

“Construction and land cost are on the rise, so finding a place to develop multifamily can be difficult,” said Tripp Rich, senior vice president of Houston-based land brokerage Dosch Marshall Real Estate, who facilitated the deal for Alliance. “We were able to find the last multifamily-zoned site in this corridor to buy and develop.”

This is Dosch Marshall Real Estate’s first closing it has facilitated in San Antonio as the brokerage expands into the region. Deborah Bauer of local brokerage Drake Commercial Group represented Galleria Ventures in the sale.

Rich told me the proximity to good schools, high-priced single-family homes, retail and employers such as USAA and UTSA led Alliance to choose the property. The area’s growth-path of rents in the area makes Class A development for developers such as Alliance, he said.

Alliance owns and operates 15 residential properties in the San Antonio area, including other several nearby properties such as Woods at Elm Creek, Landera and Celeste at La Cantera.