San Antonio: Blackstone skips to 298-unit Avana at The Rim | San Antonio: Blackstone skips to 298-unit Avana at The Rim | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=11745 | 2016-01-14T06:00:00Z | 2016-01-14T21:00:00Z |
SAN ANTONIO - Blackstone has acquired the Class A, 298-unit Avana at
The Rim multifamily complex. The purchase marks the New York-based fund's 47th
multifamily asset in the San Antonio market, and according to Real Capital
Analytics, the price hovered at about $41.2 million. The seller in the transaction was Greystar Real Estate
Partners. Greystar
bought the property in December 2012 — then named the Haven at the Rim. At the time of the sale, the property had a 95 percent
occupancy rate and an average unit size of more than 1,080 sf. Avana rents start at $920 per month for a one-bedroom unit
and go up to more than $1,570 for a three-bedroom floor plan.
Avana, nestled in the bustling northeastern
quadrant of Loop 1604 and I-10, is the perfect example of the type of
properties that national, institutional investors are hunting for in the San
Antonio market — recently built, well-occupied, Class A assets in centrally
located areas with decent walkability scores. | San Antonio Business Journal
| San Antonio-New Braunfels
| Multifamily
| http://www.bizjournals.com/sanantonio/news/2016/01/08/blackstone-closes-on-next-san-antonio-multifamily.html | | | | Read more at the {Source} |