San Antonio Boutique Multifamily Sells Amid Record Pricing
San Antonio Commercial Advisors sold Sir Winston Villas Apartments, a 32-unit boutique community in Northcentral San Antonio. We snapped SACA managing director Brent Smith with the multifamily team—Scott Weems and Brandon Lo Porto. The transaction set a record sales price for 1980s construction. Scott says the San Antonio apartment market is pretty hot, and buyers are repeatedly pushing new record pricing on quality assets. (The duo just saw a sub-5% cap rate deal close!)
Scott says this transaction had a unique twist; most units at Sir Winston Villas (pictured) are leased as corporate suites, and he and Brandon looked for a buyer who could continue to operate it that way. (A California private investor won the deal.) Finding the right source of financing was key to making the transaction work, Scott says.