The last day of February marked the purchase of two San Antonio apartment complexes — the Songbird and Villas of Oak Creste.
The buyers — Seldin Co. and investment partners in Chicago – were attracted by the Class B properties due to the proximity of the two complexes to the South Texas Medical Center and insurer USAA, two of the city’s largest employers, as reported by the San Antonio Business Journal.
- Vilas of Oak Creste is a 280-unit, 13-building complex, built in 1980;
- Songbird consists of 262 units across 33 buildings and was built in 1982.
Both apartment complexes are located in Northwest San Antonio. The properties exemplify the company’s strategy of acquiring high-quality multi-family assets in excellent locations within the central United States, Bob Dean, executive vice president of Seldin Co., told the San Antonio Business Journal. San Antonio is one of the fastest-growing U.S. markets and has exhibited a consistent track record for multifamily investors.
World Group Commercial Real Estate advised Seldin and its partners in this transaction. Seldin manages more than 10,000 apartment units. The company provides property management, brokerage and development services.
San Antonio’s residential market is recording an important shift, from homeownership to renting. Jeff Booth, senior vice president of development with Embrey Partners Ltd., explained that Generation Y workers often want the flexibility or want to live in near-downtown locations, where buying would be prohibitively high, the San Antonio Express-News reported.
As for apartment construction trends, San Antonio will see the rise of approximately 10,000 new units in the next two years, while rents will continue to rise, Janine Claycomb, research director of the San Antonio division of Austin Investor Interests, told the same publication.
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