Sherman Residential Buys San Antonio Community
The new owner will also assume management of the three-building property.
Sherman Residential has acquired Axis Hamilton, a 248-unit luxury community in San Antonio. The new owner will also assume management of the property.
The buyer remained undisclosed, but Yardi Matrix data indicates that Crescent Real Estate has owned the property since 2017 when the company acquired it from Flournoy Cos. Berkadia Commercial Mortgage Debt Fund provided a $22.4 million acquisition loan to facilitate the 2017 transaction.
The community, formerly dubbed Chroma Apartments, encompasses three four-story buildings across 6.7 acres. Floorplans consist of one- and two-bedroom apartments, ranging in size between 612 and 1,200 square feet. All units include washers and dryers and high-speed internet connection. Residents have access to a gym, clubhouse, swimming pool and 380 parking spaces, with covered parking available on the ground floor.
Located at 5039 Hamilton Wolfe Road, Axis Hamilton is roughly 11 miles northwest of downtown San Antonio and less than 2 miles from the medical district, which includes the University of Texas Health Science Center at San Antonio. Retail and dining options are within a mile of the community, along Fredericksburg Road.
Sherman Residential plans to continue expanding its San Antonio portfolio, which now consists of four communities. In November of last year, the company acquired another property in the metro: Avenues at Creekside, a 395-unit community in New Braunfels.
San Antonio appeal
In August, San Antonio registered the highest occupancy increase across all major markets, up 6.7 percent year-over-year. In addition, rent rate performance was positive over the same time interval, despite trailing the 10.3 percent national figure, according to a recent Yardi Matrix report.
The presence of large employers in the market—such as USAA, iHeartMedia and Valero Energy Corp.—coupled with a record low construction pipeline of approximately 2 percent of existing stock, according to a Marcus & Millichap report, is likely to boost residential demand and keep vacancy rates tight in San Antonio.