Leasing velocity is surprisingly strong in San Antonio’s multifamily market, with the cold, wet winter and reduced drilling activity causing only a slight dip in absorption.
San Antonio Commercial Advisors senior director Scott Weems just opened Legacy Brooks, a 412-unit property on the southeast side of town, and says the property has leased over 100 units since November. That’s some solid activity for the slower winter months, and he’s expecting a pickup in April. There’s been a slight slowdown in traffic from oilfield workers, but there are still a good number of those residents leasing, Scott says. Next, he’ll turn his attention to the Northwest—he’s breaking ground next month on Legacy Flats, a 310-unit community at 1604 and Shaenfield.
Things are looking bright on the investment sales side, too. Scott and senior director Brandon Lo Porto just completed the sale of Cotton Crossing (pictured), a 118-unit, Class-A community. It got close to record pricing for its vintage (2000s), Scott says, because lots of investors were drawn to the property’s quality, upside potential, and location in New Braunfels (a very strong market). A Californian private investor won the deal. Scott tells us that we’ll continue to see property valuations rise since there’s excellent debt available.
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