Axio Apartments is located near major employers and transit routes at 8722 Cinnamon Creek Dr.
SAN ANTONIO—With affordability playing a role in the continued in-migration into San Antonio, multifamily properties remain at the forefront. A recent example is Axio Apartments, a 360-unit garden style apartment community that sold to an unidentified buyer for an undisclosed acquisition price.
Berkadia managing director Mike Miller, senior director Will Caruth, director Chris Ross and director Cody Courtney of Berkadia’s San Antonio office represented the seller, Presidium Group, a real estate investment firm based in Texas.
“Axio Apartments exemplifies the upside potential that exists throughout San Antonio’s multifamily inventory,” said Caruth. “With almost 20,000 new residents moving to San Antonio over the past year due in part to its affordability, the demand they bring has elevated rent growth above the national average, making it a compelling market for investors.”
Situated in northwest San Antonio, Axio Apartments is located near major employers and transit routes at 8722 Cinnamon Creek Dr. The USAA corporate headquarters is less than a minute away and South Texas Medical Center is less than 10 minutes away. Interstate 10 is about 2 miles away, providing direct access to Interstate 410 and downtown San Antonio.
“San Antonio has been recognized as one of the fastest growing large cities in America for clear reasons,” Miller tells GlobeSt.com. “As one of the economic and cultural centers of Texas, a trio of economic factors including low business costs, an advanced telecom infrastructure and an increase of young educated households with children have supported its economic and population growth.”
Between 2016 and 2017, the population of San Antonio grew from 1.49 million to 1.51 million, a 1.3% increase and its median household income grew from $49,268 to $50,044, a 1.58% increase. In 2017, San Antonio’s median age was 33.6. The median property value in San Antonio is $148,200 and the homeownership rate is 54.8%, according to Data USA.
Built in 1982 and renovated in 2016, Axio Apartments has one-, two- and three-bedroom units. Community amenities include fitness center, pool, basketball court, tennis court and volleyball court.
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don’t miss out on joining the 1,000+ of the industry’s top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
