Hamilton Zanze Sells San Antonio Asset

Hamilton Zanze has sold BLVD at Medical Center, a 248-unit community in San Antonio. The firm had purchased the value-add asset in 2016 from Clarion Partners, financing the acquisition with an $18 million Fannie Mae loan from Manufacturers and Traders Trust Co., Yardi Matrix data shows.  

Completed in 2001, the 13-acre property comprises one- to three-bedroom floorplans—averaging 776 square feet—across 12 buildings. Apartments feature wood-style flooring, stainless steel appliances and central air conditioning, as well as walk-in closets. Community amenities include Amazon package lockers, a swimming pool and spa, a clubhouse, a gym, a dog park, as well as a playground, picnic areas and a business center.

Following the 2016 purchase, Hamilton Zanze instituted a capital improvement program at the property. Upgrades included unit renovations, as well as exterior revamps to the common-area amenities and landscaping.

Located at 4980 USAA Blvd., the community is less than 3 miles east of Interstate 10, as well as roughly 6 miles north of Interstate 410. Employment-wise, the Methodist Hospital and CHRISTUS Santa Rosa Hospital are less than 3 miles away, while the Joint Base San Antonio is roughly 15 miles from the property. Huebner Oaks Center, a shopping mall less than 2 miles away, provides various retail and entertainment options.

San Antonio’s multifamily trade scene

San Antonio’s multifamily sales followed the national slowdown trend in 2023. Yardi Matrix data reveals 10,666 units changed hands throughout last year across properties larger than 50 units, a sharp decrease of 70.1 percent from the 35,727 unit total of 2022.

With 2024’s first quarter shortly coming to an end, Alamo City’s transactions were up 49 percent from the previous quarter, the same data provider shows. In one of the year-end deals, Lynd Acquisition Group purchased Culebra Commons, a 327-unit garden-style community, for $76.3 million.