Kairoi Residential Buys San Antonio Asset
JLL issued an acquisition loan.
Kairoi Residential has purchased The Jax, a 322-unit apartment community in San Antonio. FCP sold the asset after three years of ownership, according to Yardi Matrix information. JLL arranged the deal of behalf of the seller.
Additionally, JLL originated a permanent $28 million Fannie Mae acquisition loan, the same data source shows.
Earlier this year, Kairoi purchased another San Antonio community, a 336-unit property near the city’s downtown. Newmark represented the seller in that deal.
San Antonio’s The Jax
Completed in 1996 at 12222 Vance Jackson Road, The Jax is a garden-style property enclosing 17 three-story buildings across an 18-acre site. Apartments have one-, two- and three-bedroom layouts averaging 1,063 square feet. Shared amenities include a swimming pool, clubhouse, 24-hour fitness center, business center, dog park and playground.
Located near Interstate 10, The Jax is within a 2-mile radius from several retail options, including Walmart Supercenter, H-E-B and Costco Wholesale. Downtown San Antonio is some 12 miles southeast, while San Antonio International Airport is within 8 miles southeast.
JLL Capital Markets Managing Director Robert Arzola, Senior Managing Director Robert Wooten and Managing Director Ryan McBride led the team that represented FCP.
San Antonio multifamily is lagging
In the first eight months of the year, San Antonio saw $149 million in multifamily investment sales, properties trading at an average per-unit price of $95,300, according to Yardi Matrix information. During the same time frame last year, the metro registered an investment volume more than two times higher, namely $366.5 million; back then, assets changed hands at an average price of $111,529 per unit.
As of August, San Antonio was no different from the other Sun Belt metros in terms of negative rent growth, the latest Yardi Matrix National report shows. The market saw a 0.6 percent decrease year-over-year, while Austin (-4.5 percent), Denver (-3.8 percent), Phoenix (-2.8 percent) and Dallas (-1.8 percent) registered even lower figures.
