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$32M-Plus Bid Takes 322-Unit Class A Complex

SAN ANTONIO-After five weeks on the market, the six-year-old Lodge at Shavano Park lands a new owner, the Frankel Family Trust.

By Alex Finkelstein | Updated on April 19, 2007

(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.

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