After a period of soft market conditions due to new supply, San Antonio’s rent growth and positive occupancy trends in 2020 made it one of the strongest-performing multifamily markets in Texas, says a broker associated with four first-quarter transactions. The multifamily properties totaling 1,267 units sold in San Antonio sold for a total of $186 million, according to Institutional Property Advisors (IPA), a division of Marcus & Millichap.

“The city’s slow and steady growth characteristics are poised to improve market performance again for the next several years with many new buyers, including institutional and major private investors, diving into this dynamic Texas metropolitan area,” said Will Balthrope, IPA executive director.

Balthrope, Drew Garza and Jordan Featherston represented the sellers and procured the buyers. Seller and buyer entities were undisclosed.

“Corporate relocations and expansions in San Antonio are speeding up the economy’s recovery from the pandemic,” added Garza. “Amazon has one new fulfillment center underway and another one planned for completion in 2022. Navistar has acquired additional property near its under-construction manufacturing facility in south San Antonio and in welcome news for the service sector, SeaWorld has announced its plans to add jobs.”

Built between 1998 and 2020, the properties are located in north San Antonio, central San Antonio and the Stone Oak growth corridor. The average unit size ranges from 841 square feet to 1,096 square feet.