Newly Minted Class-A Asset Along Riverwalk Changes Hands
A newly constructed 349-unit Class-A multifamily development at the crossroads of Downtown San Antonio, Southtown and the King William Historic District along the Riverwalk has attracted a new player. Castle Lanterra Properties purchased Agave from a JV between Greystar and The Carlyle Group.
The acquisition contrasts CLP's traditional strategy of repositioning underperforming assets. With high-end amenities and access to the Riverwalk, the five-story mid-rise designed by Michael Hsu Office of Architecture is a trophy asset.
In CLP's eyes, it was the perfect opportunity to enter a strong market.
"San Antonio has emerged as one of the strongest multifamily markets in the country due to its exceptional economic and population growth,” CLP founder and CEO Elie Rieder said.
“This is a trophy asset in a metro area that is ranked the sixth-fastest-growing city in the nation,” CLP managing director Austin Alexander said. "Rent growth is anticipated to average 3.1% annually through 2020, and despite a growing number of apartments coming online, absorption is expected to outpace new unit deliveries.