SAN ANTONIO-REITs and pension funds, looking to reconfigure portfolios, are exiting the second-tier multifamily market of San Antonio in growing numbers. Meanwhile, the outflow is driving an inflow of capital as private investors and non-profits eye good deals in the city’s main product, class B.

“It’s (San Antonio) not a Dallas-Ft. Worth, Houston or Austin,” Will Balthrope, Grubb & Ellis Co. associate. Balthrope is a native of San Antonio and considered a leading specialist for his hometown although he’s based in Dallas.

Slower rent growth than is found in San Antonio’s sister metropolises and portfolio realignments by 90% of the city’s institutional owners are pushing the brisk trading, Balthrope tells GlobeSt.com. Chicago-based Equity Residential Properties Trust has three properties on the market and Richmond, VA-based United Dominion has 11. In all, San Antonio has more than 20 class B complexes, totaling 5,000 units, up for grabs. It’s been nearly three years since the market was this active in the Alamo City.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.