(Read more on the multifamily market.)
SAN ANTONIO-A five-week marketing program by the Austin officeof Apartment Realty Advisors has paid off with a quick sale of thesix-year-old, 322-unit Lodge at Shavano Park in northwest SanAntonio.
Patton Jones, sales director for ARA's Austin office, tellsGlobeSt.com that buyer, the Frankel Family Trust of Anaheim, CA,and seller asked that the price remain undisclosed. However, areabrokers familiar with the northwest multifamily submarket, theproperty and current replacement costs tell GlobeSt.com the pricewould have been at least $100,000 per unit or upward of $32million.
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