The property, located at 2439 NE Loop 410, currently is under contract to be sold to an undisclosed buyer on Nov. 30. Situated on 8.23 acres, the apartments are owned by Texas Property Partners II in care of Wilbur Properties Inc. of Austin, according to Bexar County tax records. The county has assessed the apartment complex at $5.4 million for 2002.
Wilbur Properties could not be reached for comment on the sale and Anterra Management Co., which manages the complex, referred all calls to broker Brian O'Boyle of O'Boyle Properties in Dallas. O'Boyle did not return calls before press time. A broker with Anterra, however, confirmed to GlobeSt.com that the sale is set to close by the end of next month.
Multifamily sales in the San Antonio area have remained sluggish at best. A market study, prepared by Hendricks & Partners, shows that sales activity for the first six months of 2002 remains slightly lower than last year's. To date, only 11 properties have traded. During the first six months of 2001, 15 properties changed hands.
The average selling price per sf also is down slightly, dropping by nine cents to $45.80 per sf on the average in second quarter 2002. The average rental rate for the same time period increased to $601 from last year's average of $587.
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