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Two SA Apartments Change Hands
Palladius Capital Management of Austin purchased Luxx, a 260-unit complex at 6023 UTSA Blvd, not far from the campus. Palladius Capital borrowed $32.5 million from Metlife Real Estate Lending to buy Luxx (photo). Built in 2013, Luxx has been owned by Preiss Company, a student housing investment firm, since 2019.
WayMaker Ventures, also from Austin, bought the landmark Jones & Rio apartment complex at 111 Jones Ave, on the River Walk, across from the San Antonio Museum of Art. WayMaker borrowed $13 million from Horizon Bank for the 191-unit Jones & Rio deal.
The prior owner of Jones & Rio, constructed in 2019, was a partnership between Benefit Street Partners and Strategic Properties of North America. The purchase prices for both sales were not disclosed.
According to a recent study, the occupancy rate for local apartment complexes dropped to 89.2% in the first quarter of this year—the lowest since the 2009 recession—from 89.5% the prior quarter and 91.3% in the first quarter of 2023.
- ◦Sale/Acquisition
