The Compound has 100% occupancy in its 31 units, which have a 953 sf average and rent for an average 75 cents per sf. The units are one- and two-bedroom units and lofts. Situated at 2915 Broadway, the Compound is about a mile from downtown and close to the Alamo Heights-Brackenridge Park area. It even backs up to a golf course, according to Mike Blackwood, a Grubb & Ellis Co. associate in San Antonio who worked on the deal with Will Balthrope, a Grubb & Ellis vice president in Dallas.
Grubb & Ellis represented the seller, Compound Ltd., a group of San Antonio investors. The buyer was 2915 Broadway Ltd., another group of San Antonio investors.
Balthrope said the apartments were on the market for 45 days and drew seven offers. San Antonio, he says, hasn't had the same amount of downtown development that Austin has, increasing the interest in such properties when they come on the market.
The Compound Apartments were built as condominiums in 1985, but didn't move in that market, "so they have nicer finishes than most garden apartments," Balthrope says.
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