If so please email me at [email protected]. I am looking for all classes A, D, C, and D.... prefereably with specific submarket data (i.e. - Alamo Heights, CBD, Leon Valley, etc.)
15 years 5 months ago - 15 years 5 months ago#1265by Romney Navarro
Romney - My company manages 5 bond assets in San Antonio (spread throughout several submarkets). I'd be happy to share some of our learnings with you. I'll direct that to your email address.
San Antonio's new supply count of almost 5,800 completions for the year-ending March 2009 was one of the biggest spikes in inventory seen locally since the early to middle 1980s. Not surprisingly, then, occupancy eased to 90.5 percent as of 1st quarter, and effective rents were sliced 0.4 percent over the past year. But those occupancy and rent change figures hide the fact that there's actually some meaningful momentum in this marketplace. First, San Antonio's economy remains in pretty decent shape. Job loss during the year-ending 1st quarter was held to a few hundred positions, and the decline isn't expected to go much deeper. Second, San Antonio isn't suffering the loss of Hispanic renters that is seen in most other metros across Texas, Arizona and Southern California. Apartment occupancy in heavily Hispanic South San Antonio actually increased a little during the past year. And third, San Antonio's recent apartment completions have leased incredibly well. Properties finished during the year-ending March 2009 already register occupancy rates right at 90 percent. San Antonio has some challenges ahead in that ongoing apartment construction still is aggressive at 5,200 units. But if there's a market across the country that's going to sneak up on everyone with a reasonably robust performance during the near term, San Antonio might be the leading candidate.