Alamo City’s Value-Add Multifamily Has Statewide Appeal
The region continues to benefit from unprecedented population increases, job gains and rental rate increases, making the market attractive for investors from across the state seeking long-term returns.
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SAN ANTONIO—The Alamo City continues to see a healthy appetite for value-add multifamily product, say JLL brokers who completed the disposition of Admiral Apartments, a 208-unit multifamily community in northeast San Antonio. Disrupt Equity Partners acquired the asset which is located at 8000 Midcrown Dr. from The PPA Group.
JLL’s Scott LaMontagne, Robert Arzola, Moses Siller and Zar Haro led the marketing and sales efforts on behalf of the seller.
“The region continues to benefit from unprecedented population increases, job gains and rental rate increases, making the market extremely attractive for investors seeking long-term returns,” says LaMontagne.
The nation’s seventh-largest city is facing a sizable economic shift, which is spilling over into the multifamily market. Despite continued robust supply, year-over-year rent growth in San Antonio was on par with the US average, at 2.5% through May, more than double the figure recorded at the same time last year. The surge in completions met healthy demand and the occupancy rate in stabilized assets actually inched up 20 basis points within 12 months to 92.9% as of April, according to a Yardi Matrix multifamily report.
“San Antonio’s dynamic multifamily market continues to pull investor interest from across the state,” Arzola tells GlobeSt.com. “The market currently ranks second in year-over-year rent growth among the major Texas metros, and the region’s strong and steady fundamentals, coupled with Admiral Apartments’ favorable value-add proposition, drove much of the interest in this asset.”