Measured Development, Job Growth Lure Investors to San Antonio Multifamily

American Landmark Apartments recently acquired Palmette Pointe Apartments, a 328-unit community located in the northwest section of San Antonio in the Medical Center submarket. The gated community is located at 4835 USAA Blvd. on a 15.2-acre tract near the USAA main campus and the South Texas Medical Center.

This is American Landmark’s seventh property under management in San Antonio. So far this year, American Landmark has acquired more than $1.3 billion in apartment communities throughout the Sunbelt.

“Measured development of new apartments over the past decade combined with strong overall job growth has made San Antonio’s multifamily market increasingly attractive for investors,” said Christine DeFilippis, chief investment officer of American Landmark. “Palmetto Pointe, in particular, benefits from a terrific location directly on the VIA Metropolitan Transit bus route, across from USAA corporate campus and within five minutes of the South Texas Medical Center, which boasts nine major medical institutions and hundreds of medical offices that employ over 30,000 professionals.” 

Palmette Pointe is also 15 minutes from the University of Texas at San Antonio and close to Fiesta Six Flags. The property was completed in November 2020 by Koontz Corporation.

Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of Koontz.