B&B Malkin Family LP and William & Bernice Malkin 1982 Intervivos Trust of Huntington Beach, CA bought the Broken Oak apartments at 1935 Broken Oak St. from Broken Oak LP, based in Cranford, NJ. The sale was the completion of a 1031 Exchange with new conventional financing. The deal was wrapped up within 100 days of the complex going on the market.
The transaction was negotiated by Scott Weems and Mike Miller of the San Antonio office of Phoenix-based Hendricks & Partners.
The San Antonio apartment market had a 6.3% vacancy rate earlier this year, according to a market report from Hendricks. The firm's researchers said renters are choosing more affordable apartments and some are using low- interest rates to buy homes. Those trends are pushing vacancies at recently built higher-end complexes.
In the survey, overall rent increased 3.5%. Apartment owners received an average rent of $601 per month in the first quarter, up from $580 per month in Q1 2001. Submarket rent changes ranged from a 3.7% dip in the western sector to 6.6% in New Braunfels/Seguin.
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