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Hanover Tests Market With 322-Unit Complex

SAN ANTONIO-The owner is seeking $23 million in cash for the two-year-old Lodge at Shavano Park. Hanover believes it's a good time to ID a buyer with the pace picking up in San Antonio's multifamily market.

By Jim McCartney | Updated on August 28, 2002

SAN ANTONIO-When the 322-unit Lodge at Shavano Park opened two years ago, there were a number of other top-notch multifamily properties opening about the same time, says Will Balthrope of Grubb & Ellis Co.’s multi-housing group in Texas.

“For the last two years, the market has been absorbing class A (multifamily housing) space,” he says. The San Antonio multifamily market has held up much better than Austin’s, in part reflecting the fact that San Antonio has not been as severely affected by the recent recession as has the capital city, Balthrope said.

Now that the top of Austin’s apartment market has begun to pick up means it is a good time to market the property, according to Balthrope. The Hanover Co. recently hired Balthrope and partner, Don Ostroff, to sell the property for $23 million in cash or an average of $71,429 per unit. “What’s very unusual about this property is that it’s set in a very exclusive neighborhood among homes that go from $500,000 to $1 million,” Balthrope says. “That’s unusual for an apartment building.”

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