Three apartment complexes have been purchased by real estate firms in San Antonio. The purchases reflect a recent spike in real estate investors taking an interest in the San Antonio area for its comparatively stable housing market.
The properties purchased included a transaction completed by a San Francisco real estate firm: the 4.8-acre luxury Meridian apartment complex assessed at $33.1 million. They also included City Heights, valued at $12 million and Montage at North Point, valued at 10.5 million.
These apartment complex sales were not the only ones to take place in recent months. For example, during the last four months, approximately 12 apartment complexes were sold to new investors. Why is there so much activity in the apartment real estate market? Investors believe that the area has a robust economy that is stabilized by its strong military, health care and education industries.
It’s likely that we have not yet seen the end of this recent spike in apartment complex purchases. Hopefully, the purchases will also involve deep renovations that serve to beautify the San Antonio residential areas where these complexes are found. Such an investment would also benefit the investors in the complexes as they would be able to pull higher rents from the properties.
San Antonio real estate investors, whether they are buying commercial buildings, apartment complexes, or residential homes, can benefit from the help of an experienced real estate lawyer. Unlike a real estate agent, when a lawyer is added to an investor’s team, the lawyer can help review the lengthy legal paperwork that must be completed in order to close on the property. A detailed review can help prevent problematic legal estate issues later on down the road.
Source: mysanantonio.com, “Investors buy three San Antonio apartment complexes,” Richard Webner, accessed Nov. 25, 2016