Constellation Chooses River Walk Multifamily as First San Antonio Buy

Constellation Group closed its debut multifamily investment in downtown San Antonio and second in Central Texas this year. The Miami-based firm purchased 120 Ninth St., a class-A 220-unit apartment community. Financial details were not disclosed.

120 Ninth St. is one of the few apartment communities located directly on the River Walk. Constellation cited the community’s proximity to downtown San Antonio employers and the city’s entertainment hub, the Pearl District, as a pivotal factor in the firm’s interest in 120 Ninth St.

“We could not have asked for a better property to serve as the first San Antonio asset in our expanding multifamily portfolio,” says Eduardo Otaola, Constellation principal. “A newly built community in a downtown corridor that is experiencing a renaissance of new development, 120 Ninth St. is poised for strong leasing activity and rent growth throughout our investment horizon.”

Spencer Roy of Walker & Dunlop brokered the transaction. Scott Wadler, Michael Basinski and Matthew Nihan of Berkadia arranged the acquisition financing from CrossHarbor Capital Partners.

Constellation engaged ResProp, a tech-focused property management firm based in Austin, to oversee management and leasing of 120 Ninth St.