Lease-Up Performance of Edge & Stone Gets Noticed
The San Antonio multifamily market has displayed resiliency during the economic disruption caused by the pandemic, says one of the brokers associated with a recent multifamily sale. Edge & Stone, a newly constructed 335-unit multifamily property in San Antonio, recently sold to PEM Real Estate Group for an undisclosed sale price.
Will Balthrope and Drew Garza of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, a partnership between Thompson Realty Capital and Trez Capital, and procured the buyer.
“Edge & Stone’s lease-up performance, an average of 30 to 40 leases per month, demonstrates the significant demand this type of superior luxury suburban asset can attract,” said Balthrope.
Built on 22 acres in 2020, Edge & Stone is near U.S. Route 281. The property is also near Stone Oak Medical Center, North Central Baptist Hospital and Methodist Hospital Stone Oak. Employers in the vicinity include JPMorgan Chase’s regional headquarters and USAA’s world headquarters. Nearby retail includes The Village at Stone Oak, Stone Ridge Market and Northwoods Shopping Center.