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Those investors include newcomers like Conciergew AssetManagement (CAM) a multifamily investor that is dually headquarterer in Houston and Tiburon, Calif. CAM recently purchasede SunriseCanyon — a 208-unit property locates in Universal City, just northeasgt of San Antonio. Also last month, Atlanta-basee (ARA) announced the sale of three multifamilh properties: Wall Street, a 232-unit propertyu in Northwest San Antonio; and North Central Side communities Blue Swan and which feature 285 units and258 units, “(San Antonio’s) economy is stillo healthy relative to other areas,” says Caseyg A. Fry, an associate with the Austinh officeof ARA.
Fry and Patto Jones, managing director for the ARA Austin office, were part of the ARA team that represented the seller s of the Wall Street, Copperfield and Blue Swan Down, but not out According to earlyu figures compiled by Austin-based multifamily research firm , 13 locap apartment communities changed ownershilp during the third quarter of 2008 — quitr a change from the mere three properties that changed ownershil during the previous quarter. On the whole, however, investmeny activity in San Antonio’s multifamiluy market has “certainly died down from 2006 and 2007,” accordinvg to Janine Claycomb of the San Antonio Division ofAustinb Investor.
Claycomb contends that it is not any one thing that has led to the decrease d momentum inapartment sales. Tighted financing, increased taxes and an overallo general uncertainty ofthe country’s financial marke t all have been listed as factors that have impactedf investment activity. The fact that constructioj of new multifamily properties has continued ata break-neck pace in San Antoniop could also be an issue. At present, more than 7,0000 apartment units are under “I think some folks mighr be waiting until the constructio n dies down to see how well theabsorption fares,” Claycomhb adds.
“It’s still an active market,” says Fry of San Antonio’d multifamily sector. But when it comes to saleds ofthese properties, the pace has “dramaticalluy slowed down,” he adds. “There’s a lot of trepidation in the markef — a lot of capital sitting on the sidelines at this Fry says. As for those investors that are coming toSan Antonio, much of the focus has been on the assets — communities that offer an owner the opportunity to buy, reposition and re-sell the propertgy for a healthy profit. Case in point is a buyee like CAM.
Sunrise Canyon markw CAM’s second local multifamily In July, the company purchased Sable Ridge, a 333-uni community also located in Universal City. “We’re very bullishg on (San Antonio’s) prospects,” says Ted M. CEO for Cameron Assetg Management. “It has a positiv e business climate, and good job prospects.” Both Sablwe Ridge and Sunrise Canyon are poised to benefitr from these jobprospectss — including the some 10,000 employees expected to make theit way to Fort Sam Houston as a result of the 2005 Base Realignmeny and Closure Commission (BRAC) action.
And CAM is alreadyy on the hunt for its next propertt inSan Antonio’s multifamily market, according to While Fry expects that the investment marketr in San Antonio may remain slow into the new slow doesn’t mean that it’s He adds: “We are able to get deal s done. We will continue to get deals
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