Manor at Castle Hills sale adds to SA hot market

SAN ANTONIO – The 306-unit Manor at Castle Hills, located at 1835 Lockhill-Selma Rd., has been sold. The 236,200-sf property, developed just over ten years ago by Duke Inc., had quite a few features to attract the investment community, namely historic stability in rent growth and occupancy, buoyed by its location.

San Antonio’s average occupancy level reached 97.8 percent in third quarter 2012 and rents rose 1.93 percent year over year, according to Janine S. Claycomb of Austin Investor Interests.

Apartment sales in 2012 came within inches of the billion-dollar mark. “There’s just a lot of interest in the San Antonio market right now,” Claycomb said.