The apartments were Autumn Oaks, with 114 units on 5.3 acres at 3200 Thousand Oaks Dr. and the Crest of Thousand Oaks, with 296 units on 10 acres at 4620 Thousand Oaks Dr. The sellers were Bridge-Autumn Oaks LP and Bridge-Windmill LP.
Gary Hightower of the San Antonio office of Hendricks & Partners represented the partnerships. David Starr & Associates, the buyer, was represented by Hightower and Mike Miller, also of the Hendricks office in San Antonio.
The deals follow the closing of the 896-unit Hendry apartment portfolio in San Antonio. It closed in late February. Houston-based Venterra Realty Management Co. bought the three properties for $29.4 million.
In the previous quarter, 17 San Antonio apartment complexes were sold, according to figures from Austin Investor Interests, which tracks the city's multifamily housing market. owners. For the year, 51 properties, totaling more than 12,200 units, changed hands in 2002. The average price per unit of $38,860 was the highest reported annual average in a decade.
Occupancy increased 0.15% in the fourth quarter of 2002 from the 2001 fourth quarter 2001. All classes of apartments experienced occupancy declines, with class A properties leading the list with occupancies down 3.30% to 88.85% in the fourth.
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