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

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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.