SAN ANTONIO—Investors, tourists and residents can't seem to get enough of San Antonio. Its impressive infrastructure expenditures and mild winter climate have made it a top US getaway, according to CBRE's latest MarketFlash. Another example of this appeal is in the form of multifamily acquisitions and subsequent management assignments.

The latest assignment is by Mission Rock Residential LLC, which has acquired management of Meridian Luxury Apartment Homes located in the Alamo Heights neighborhood. Mission Rock is working on behalf of Hamilton Zanze Real Estate Investments, bringing the growth in the San Antonio submarket to a total of three for 2016. Sister communities recently acquired in the submarket include The Niche Apartments and The BLVD at Medical Center Apartments.

“Mission Rock Residential continues to grow its management portfolio in key markets across the United States,” Mission Rock Residential president Patricia Hutchison tells GlobeSt.com. “Mission Rock most recently acquired the management of Meridian Apartments, which will bring the total number of managed units in San Antonio to 1,022. Meridian is a great addition to our portfolio, with a rich amenity package and an upscale living environment. Located in Alamo Heights, Meridian is in a location where people want to live and companies want to be.”

The property consists of 146 units and 11 floor plan options including one-, two- and three-bedroom layouts. Meridian neighbors an expansive golf course on one side and the Alamo Quarry Market on the other side. Interior amenities include washer/dryer connections and kitchen islands in select apartments. Exterior amenities include a swimming pool, 24-hour fitness center, concierge service and a business center.

CBRE's report highlights the importance of infrastructure spending and how it has helped San Antonio become a tourism powerhouse, GlobeSt.com learns. San Antonio's tourism sector supports one in eight area payrolls and draws more than 1 million visitors every month from outside of the local vicinity, translating into serious economic heft. National Geographic recently named it as one of the best US winter escapes.

From its historical missions and restaurants along the River Walk to the views and golf courses of the Texas Hill Country, travelers from around the world give considerable lift to the region's convention business, hotel and leisure jobs sector, and hospitality real estate. According to a recent study, 11.5 million people enjoy the River Walk annually—more than 80% are from outside Bexar County—creating an overall economic impact of $3 billion and a total tourist draw of $12 billion to the region, says Robert Kramp, director of research and analysis, Texas-Oklahoma-Arkansas region of CBRE.

River Walk upgrades underway include new and enhanced electric river barges, significant improvements to the San Pedro Creek, and multiple commercial and residential investments near the historical HemisFair Park in celebration of the 50th World's Fair anniversary.

As previously reported, the Bascom Group LLC acquired Redlands Apartments.

Instant Insights /

Infrastructure Jolt Vaults San Antonio to Tourism/Investor Powerhouse

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