San Antonio—Draper and Kramer Inc. has acquired Sonterra Blue, an apartment community in San Antonio, from Dallas-based Carleton Residential Properties, for an unspecified price. Carleton developed the property at 922 E. Sonterra Blvd., which includes 342 units, in 2014.
The community, in the northern San Antonio submarket of Stone Oak, features one-, two- and three bedroom units. Common amenities include gated access, a parking garage, a business center, fitness center and resort-style pool. Rents at Sonterra Blue average more than $1,000 for a one-bedroom unit and more than $1,900 for a three-bedroom unit.
San Antonio is a strong apartment market. According to MPF Research, during the third quarter of this year, the market saw absorption of 2,141 units, compared with 1,432 new units coming on line. Similarly, demand for apartments in the year ending in Q3 2015 was in excess of new supply: 6,048 units compared with 4,902 units.
Overall occupancy improved 0.5 percentage points in the third quarter and was up 0.9 points year-over-year, coming in at 94.5 percent as of 3Q 2015, reported MPF, driven by an increase of 24,000 jobs in the market over the last year. With occupancy tightening, San Antonio apartment owners pushed rents up 1.6 percent in the third quarter. Year-over-year, rents were up 4.4 percent, a three-year high for an annual increase.
The Sonterra Blue deal, brokered by Institutional Property Advisors on behalf of the seller, caps a busy year for Draper and Kramer, which is based in Chicago. The company has concluded more than $200 in transactions nationwide in 2015, and said it anticipates continued growth in 2016.