Berkadia: San Antonio 2014 Multifamily Sales Summary
SAN ANTONIO – Significant activity persisted in the multifamily-investment market in 2014, according to Berkadia’s 2014 Sales Summary.
In 2013, a majority of the deals consisted of 1960s to 1980s stock.
During 2014, however, investors targeted newer assets, with approximately 55 percent of transactions comprised of apartment communities built from 1980 to 2000. Consequently, dollar volume rose 9.6 percent year over year to $1 billion.
More than a third of transactions occurred in the Bexar County/Other and Far North Central submarkets. Prices in the Bexar County/Other submarket advanced 9.2 percent year over year to $118,922 per unit.
In the Far North Central submarket, the average price reached $72,314 per unit, a gain of 47.1 percent. Metrowide, prices increased 27.3 percent to $82,166 per unit.
Cap rates fell 30 basis points in the last 12 months, reaching 6.5 percent in December. Among the most-traded properties, those built from 1980 to 2000, first-year yields averaged 6.7 percent, the same as year-end 2013.
| 100+ Unit Sales | < 100 Unit Sales | |||||||
|
Avg. Price Per Unit |
Avg. Price Per SF |
# of Sales |
Total Volume |
Avg. Price Per Unit |
Avg. Price Per SF |
# of Sales |
Total Volume | |
| 2013 | $70,757 | $76.99 | 48 | $895,574,525 | $41,534 | $36.34 | 13 | $33,220,220 |
| 2014 | $85,151 | $91.60 | 44 | $990,928,479 | $63,406 | $47.30 | 7 | $27,151,824 |
| Change | 20% | 19% | -8% | 11% | 53% | 30% | -46% | -18% |
Click here for Berkadia’s entire sales summary and 2015 forecast.
Source: Berkadia
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