The developers of the Pearl are taking a leap of faith with the Cellars, a 10-story luxury apartment building that’s introducing new heights of opulence — and pricing — to the San Antonio rental market with the cheapest one-bedrooms starting at $1,830 a month.

Silver Ventures executives are confident San Antonio is ready for the 122-unit complex, which includes the most expensive apartment in the city, despite not doing much research to see whether the market can support such high rents...