(Read more on the multifamily market.)
SAN ANTONIO-Sterling American Property Inc. has disposed oftwo-thirds of its local multifamily portfolio, selling the 216-unitOak Ridge Apartments and 327-unit Park West Apartments to a privatecapital group from the West Coast. Oak Ridge was listed at $10.5million and Park West at $11 million.
Because Texas is a non-disclosure state, the sale prices are offlimits for the 95%-leased assets. But, similar class B complexeshave traded for $50,000 to $55,000 per unit in the city.
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