SAN ANTONIO-A 464-unit apartment complex in northeast San Antonio has changed hands in an offering that started out at nearly $16.9 million.

Iron Horse Apartments Ltd. bought the Iron Horse Valley apartments at 2439 NE Loop 410 from Texas Property III LP, based in Austin. Scott Weems of Hendricks & Partners San Antonio office represented the seller. Dallas-based O’Boyle Properties listed the property for the seller.

The asking price was $16.85 million for the garden-style apartments, which sit on 18.3 acres. Weems tells that the deal suited the 1031 Exchange needs of the buyer. Wachovia Bank financed the sale with a 10-year fixed-rate loan. The sale closed in less than 75 days.

The apartments, built in the early 1980s, is about 96% occupied, Weems tells The new owner doesn’t plan any major changes.

Weems says the northeast submarket is strong and should strengthen next year when the US Army South Command sets up at Fort Sam Houston. The submarket had a 5.4% vacancy rate at the end of the third quarter, up from 4.6% in the third quarter in 2001, according to a Hendricks & Partners market survey. The submarket’s average rent was $658 per month, up from $637.

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