(To read more on the multifamily market, click here.)
SAN ANTONIO-An unlisted asset in a multimillion-dollar Texasportfolio breakup has been acquired by Bank of America Corp.'sCommunity Development fund in a direct deal. The 216-unit AudubonApartments were 90% leased at sale time.
The brokers for the deal won't discuss the price of the1984-built asset at 10631 Nacogdoches Rd., but similar class Bproperties in the submarket have sold for $30,000 to $40,000 perunit. The seller is Metra United, made up of Dallas-based AlonGroup and a Boca Raton, FL-based operating partner, which boughtthe $165-million, 4,102-apartment portfolio of class A and Bapartments in the early 2000s from Richmond, VA-based UnitedDominion Realty Trust.
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