Fast growing apartment market in SA

SAN ANTONIO – Rising rental and occupancy rates that are fueling demand for new multifamily projects in San Antonio are also spurring a new wave of apartment sales.

According to Marcus & Millichap, the overall vacancy rate will reach 6.4 percent by year end. Citywide average asking rents are expected to increase 3.1 percent to $741 a month.

Recent transactions include:

The Palomino, on the city’s Northwest Side at 14111 Vance Jackson Rd., was sold by Koontz McCombs Development. The 484-unit, Class A community marks the largest single-asset apartment sale in San Antonio so far this year.

F&B Capital LLC closed on the purchase of a 704-unit portfolio that includes the Audubon and Countryside complexes in North Central San Antonio and The Willows on the city’s Northwest Side.