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With Hefty Demand, Casa Rio Closes in 30 Days
According to CoStar, apartment rents in the San Angelo market were increasing at a 3.5 percent annual rate during the second quarter of 2021, and have posted an average annual gain of 4 percent during the past three years. While 32 units have been delivered in the past three years (a cumulative inventory expansion of 0.5 percent), there is no new construction currently underway.
With this tight inventory in mind, Casa Rio Apartments in San Angelo recently sold for an undisclosed price. The DFW-based buyer put up significant hard earnest money and closed with cash in 30 days.
Casa Rio was built in 1977. The asset provides a viable opportunity for the buyer to execute on an interior and exterior renovation plan.
The Multifamily Group’s Paul Yazbeck represented the seller, which had owned the property since 2010. The seller had the property under contract earlier this year with a buyer who was not able to close. This presented a good opportunity to insert a vetted group that could close in 30 days, said Yazbeck.
- ◦Sale/Acquisition
