San Antonio-Based Developer Continues to Invest in Fast-Growing New Braunfels, Expects The Moderno to Attract Young Professionals and Families

SAN ANTONIO—March 1, 2021. San Antonio-based Koontz Corporation today announced the firm has begun construction on The Moderno, a class A apartment community located at 451 FM 306 in New Braunfels, Texas. “We have enjoyed great success in developing several class A multifamily products in New Braunfels that are located in close proximity to the I-35 corridor,” said Koontz Corporation President and CEO Bart Koontz. “The city has continued to enjoy tremendous growth in all sectors and possesses additional intrinsic features such as their rich German heritage, natural beauty, quality of life, good schools and a motivated workforce.” Koontz Corporation purchased the 28-acre property in 2020 from McCombs Properties. Mike Ybarra, of Legacy Commercial Real Estate in New Braunfels, brokered the sale. Koontz said his firm chose the property because of its strategic location, just east of IH-35 with easy access to Austin-San Antonio corridor, ample nearby restaurants, retail shopping options, an H-E-B Plus grocery store and health care facilities. The Moderno will be built out in two phases. Phase I will be a 10-building complex totaling 253,000 square feet comprised of 280 apartment homes. Fifty-five percent of the residences in Phase I will feature one bedroom and one bath, and 45% will feature two bedrooms and two baths. All residences will boast class-A finishes, including nine-foot ceilings, quartz countertops, stainless steel appliances and balconies. Residents will have access to common-area amenities to include a fully equipped clubhouse with billiards; a state-of-the-art fitness center; resort-style swimming pool with cabana; outdoor grilling area; and parking surface, covered and garage parking options. Koontz Corporation, which will act as general contractor, recently broke ground and is grading the site and installing utilities. Garcia + Associates, of Houston, provided the architectural design. Koontz Corporation Breaks Ground on Third New Braunfels Apartment Community Page 2 of 2 Phase I’s opening is projected for March 2022. Due to its ideal location, Koontz expects the development to be a beacon to young professionals and young families. Typically, Koontz Corporation has nearly a half-dozen multi-family projects under development in various parts of Texas at any one time. Since its founding in 1997, the firm has developed 5,700 units totaling in excess of seven million square feet. In addition to multi-family, the scope of Koontz’s properties includes office, medical office, industrial/flex and retail. “New Braunfels is the second-fastest growing city in the nation by percentage and is becoming a major center for business and economic development, but it was always a wonderful place to live,” said Koontz.