Investors from Austin have recently snatched up two major apartment complexes in San Antonio, even as the local multifamily sector struggles with sagging rents and occupancy rates and as sales transactions are hampered by a limited supply of financing.
On April 25, shell companies linked with Palladius Capital Management of Austin purchased Luxx, a 260-unit complex at 6023 UTSA Blvd. along the Leon Creek Greenway that caters to UTSA students nearby. “This year may see an uptick in trades, as some investors look to sell in lieu of higher loan rates,” Austin Investor Interests said in its most recent market report, which does not get released publicly in full.
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