(Read more on the multifamily market.)
SAN ANTONIO-A five-week marketing program by the Austin office of Apartment Realty Advisors has paid off with a quick sale of the six-year-old, 322-unit Lodge at Shavano Park in northwest San Antonio.
Patton Jones, sales director for ARA's Austin office, tells GlobeSt.com that buyer, the Frankel Family Trust of Anaheim, CA, and seller asked that the price remain undisclosed. However, area brokers familiar with the northwest multifamily submarket, the property and current replacement costs tell GlobeSt.com the price would have been at least $100,000 per unit or upward of $32 million.
"The challenge in San Antonio today is getting investors to look past the current apartment construction pipeline," Jones says. About a dozen offers came in from private and institutional investors after ARA pitched Shavano Park's high single-family home prices and the area's strong employment base, the deal's lone broker adds.
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