Velocis Anticipates Growth with San Antonio, Nashville Buys
Velocis recently purchased two multifamily assets, Highline, a 208-unit multifamily community in San Antonio, and Station 40, a 246-unit multifamily community in Nashville. Highline and Station 40 are Velocis’ third and fourth multifamily assets. Velocis also owns multifamily assets in Charlotte and Austin.
“San Antonio and Nashville continue to be top job markets, and both are seeing excellent population and economic growth. We believe the San Antonio to Austin corridor will continue to see robust growth, as will Nashville,” said Jim Yoder, partner. “Multifamily is one of the most dynamic sectors in the real estate industry. Both assets provide value-add opportunities and are poised to achieve strong rent growth.”
Built in 2000, Highline is located 10 minutes east of the University of Texas at San Antonio and across the street from the new University Village mixed-use development. Once completed, University Village will span 114 acres, and include 320,000 square feet of office and 119,000 square feet of retail, all walkable from Highline.
As Austin continues to grow and its cost of living continues to rise, companies and renters alike have moved down the I-35 corridor to San Antonio for a more affordable lifestyle. However, San Antonio is also experiencing meaningful population growth with a modest delivery of new housing – promising strong rent growth opportunities in the near term.
Highline has a history of strong institutional ownership and the property requires minimal updates. However, Velocis will implement a comprehensive value-add plan for the unit interiors to improve leasing traffic and push rents.
Station 40, located in Nashville’s Sylvan Park neighborhood, is a class-A mid-rise multifamily asset built in 2016.