Here's The First Sale in San Antonio's Urban Core: 1800 Broadway
IPA Texas executive director Will Balthrope (right, with Witten Advisors’ Ron Witten) tells us he thinks San Antonio’s multifamily market will continue to be one of the most exciting Sun Belt cities for investment. His latest example is the sale of 1800 Broadway, on the corner of Broadway and Grayson streets. Will tells us this asset is special because it marks the first asset of significance to trade in the Lower Broadway district of San Antonio. It had a very strong interest from institutional buyers and sets an excellent benchmark for other San Antonio Class-A sales. Will and IPA director Drew Kile repped the developer, Criterion Property Co of Dallas and Boston, and its equity partner, Cypress Real Estate Advisors of Austin. The buyer is Boston-based Churchill Forge Properties.
The 230-unit property is at the epicenter of growth near the Pearl Brewery in the emerging Lower Broadway Corridor, Will says. The area is emerging as a location of great interest to renters and investors, much as Uptown Dallas and Galleria Houston evolved, but it’s still in its infancy as an urban infill market, he says. Will anticipates more transactions this year in San Antonio as newly built product is stabilized and ready to sell into the market. Watch for the effects of oil prices on San Antonio job creation, he says. It’s a wild card at this point. Will also tells us that IPA just got the listing for The Kenzie at the Domain. The 279-unit upscale property is located in the heart of The Domain and was developed by Streetlights Residential.