San Antonio: Blackstone skips to 298-unit Avana at The RimSan Antonio: Blackstone skips to 298-unit Avana at The Rimhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=117452016-01-14T06:00:00Z2016-01-14T21:00:00Z

​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
http://www.bizjournals.com/sanantonio/news/2016/01/08/blackstone-closes-on-next-san-antonio-multifamily.htmlRead more at the {Source}

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