Four local apartment complexes change hands amid market turmoil

San Antonio, February 29, 2024

Four out-of-town buyers have purchased local apartment complexes in recent weeks amid turmoil in the multifamily sector…

Two of the complexes, both on the North Side, were sold after going into foreclosure: the Canopy on East Bitters Road and Summit at Salado Creek off Wurzbach Parkway. The seller of another of the complexes, Aspire Apartments on the near Northwest Side, had been in financial distress, according to media reports.

“2023 was not friendly to the San Antonio apartment market, and the fourth quarter was particularly unkind,” the analysis firm Austin Investor Interests said in its most recent report on the sector, noting that the occupancy rate for local complexes fell to 89.5 percent in the fourth quarter — its first time dipping below 90% since 2010.

Apartment foreclosures

In the case of the Canopy, an affiliate of the Voya Financial investment firm of Atlanta bought the complex in a foreclosure sale from an entity linked with Amplitude Equity…

Other multifamily purchases

In the most recent of the transactions, an entity linked with the Chicago investment firm 29th Street Capital bought the Renata complex, on Fredericksburg Road across from USAA’s headquarters, on Feb. 21 from the firm Knightvest Capital of Dallas…

Struggles in local apartment sector

San Antonio’s multifamily sector has struggled recently in an environment of sagging rents and rising interest rates…