Recent Apartment Sales in San Antonio

Real Estate remarks a measurable change in the market conditions prevailing in San Antonio. In the entire market, 4 multifamily properties were sold in the month of May 2012. Compared to May 2011, Bexar County recorded a substantial decrease of 50% of sales. In May 2012, Maverick Creek Apartments LLC has purchased Maverick Creek Villas, a 256unit, Student Housing community located at 15651 Chase Hill Boulevard in the Far Northwest submarket, from SA Topanga LP, an entity of Topanga Management Company. The 13-year-old community is 80% occupied with average rents at $1.24 per square foot. The garden style property is situated on 21.73 acres. The community features one-, two-, three and four-bedroom units, ranging in size from 790 to 1,418 square feet and rental rates ranging from $1.18 to $1.32 per square foot. Property amenities include Business Center, Access Gates, Volleyball court, Fitness center, Clubhouse and 24hrs Emergency maintenance. Unit amenities include Frostfree, pantry, Microwave, Dishwasher, and walk-in closets. Pets are not allowed in the community.

Another significant sale noted from that month is the sale of Las Brisas and the Lexington. Entities of a Chicago-based partner of Omaha, Nebraska-based Seldin Company have purchased the following two multifamily properties, from Aragon Holdings USA. SMV Las Brisas LP has purchased Las Brisas, a 176-unit, Class C apartment community located at 12626 Blanco Road in the North Central 1 submarket. The 29-year-old, garden-style apartment community is 96% occupied with average rents at $0.78 per square foot. The garden-style, conventional property is situated on 17.67 acres. The community features one-, and two-units ranging in size from 740 to 1,459 square feet. The rental rates range from $0.70 to $0.87 per square foot. Property amenities include laundry rooms, Jogging trail, Swimming pool, Shuttle Route and School bus pick-up. Unit amenities include Ceiling fans, Laminate floors, pantry, frost free and W/D Rental. Pets are allowed at the community, with a breed limit of two and a weight limit of 85 lbs with pet fee of $100 to $300.

Another community purchased by SMV Lexington LP was the Lexinyon, a 72-unit, Class B apartment community located at 12550 Vista View Street in the North Central 1 submarket. The 31-year-old, garden-style apartment community is 97% occupied with average rents at $0.90 per square foot. . The garden-style, conventional property is situated on 3.60 acres.

The community features one-, and two-units ranging in size from 650 to 1,092 square feet. The rental rates range from $0.79 to $0.96 per square foot. Property amenities include Hot Tub/Spa/Jacuzzi, Swimming pools, Social Activities and 24hrs Emergency maintenance. Unit amenities include Dry/Wet Bar, pantry, disposal and mini-blinds. Pets are allowed at the community, with a breed limit of two and a weight limit of 35 lbs with pet fee of $300. Jon Pesce of World Group represented the buyer in both the deal.

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