Top 10 San Antonio Apartment Owners
The city’s favorable demographics and healthy job creation attracts developers and investors alike. The market’s prosperous performance spurred new investments across the metro, including more than $780 million in deal volume during the first half alone.
By Anca Gagiuc
Following last year’s major injection of new apartments, rent growth in San Antonio has tempered, trailing the national average. Multifamily supply has also slowed down compared to last year’s 3.7 percent rate, affected by the difficulty in finding skilled workers. Still, another 7,800 units are anticipated for delivery by year’s end.
Investment activity is steady in the metro, some $780 million in multifamily properties having traded in 2017 through July. Interest in the upscale properties has further compressed acquisition yields for San Antonio assets in the 4.8-5.5 percent range for stabilized Class A properties.
According to Yardi Matrix, the metro’s top 10 apartment owners, excluding the private ones, flaunt portfolios ranging from 1,773 to 11,594 units. The total number includes units in all stages of development, including completed, under construction, planned and prospective.
The Beverly Hills-based investor boasts a diversified portfolio across the nation, totaling 10,831 units. Of these, 1,773 units are located in six San Antonio multifamily communities. The largest community, the 30-building, 477-unit Park Vista, was built in 1986 on nearly 14 acres at 5470 West Military Drive in the Southside/Columbia Heights submarket. The unit mix consists of studios and one- and two-bedroom floorplans ranging in size from 395 to 1,075 square feet. Common area amenities include a fitness center, clubhouse, tennis court, volleyball court, basketball court, swimming pool and laundry facilities.
9. Harvest Equities
Headquartered in Philadelphia, Harvest Equities totals 2,025 units in seven properties across San Antonio, all managed by Alliance Residential Co. The largest community, Fountainhead, was built in 1984 at 4400 Horizon Hill Blvd. in Oak Hills Country Club submarket, and occupies nearly 23 acres. The 688-unit property offers studio, one- and two-bedroom floorplans averaging 674 square feet and a set of amenities that include a fitness center, five swimming pools, three spas and 988 parking spaces.
8. Keller Property Co.
The Utah private investor owns and manages 11 multifamily properties totaling 2,115 units in San Antonio. The 23-building, 304-unit Acadia is the company’s largest community and was completed in 1982 on 12 acres at 4031 Thousand Oaks Drive in the Hollywood Park/Welmore submarket. The unit mix comprises one- and two-bedroom floorplans with sizes between 635 and 1,040 square feet. Community amenities include a clubhouse, playground, three swimming pools, two laundry facilities and 618 parking spaces.
7. Hogan Real Estate Services
The local private owner hired Homespring Residential Services to manage its nine-property portfolio comprising 2,234 units in San Antonio. Its second largest community is the 280-unit Eagle Ridge completed in 2003. The fully affordable community consists of 16 buildings located on 9 acres at 3703 Wurzbach Road in Leon Valley – East submarket. The one- and two-bedroom units range in size from 672 to 968 square feet. The controlled access community features a business center, clubhouse, volleyball court, swimming pool, laundry facilities and 611 parking spaces.
6. Churchill Forge Properties
With headquarters in Newton, Mass., the company owns nearly 9,500 units nationwide, 2,235 of which are in the San Antonio area, nearly all managed by the company itself. Its largest asset is Riverstone—built in 1981 on almost 15 acres at 8711 Cinnamon Creek Drive in the USAA Area submarket and offers 368 one- and two-bedroom units. Residents at the property can choose from four floorplans ranging in size from 473 to 943 square feet. Common area amenities include a volleyball court, two swimming pools and 400 parking spaces.
5. Oden Hughes
Headquartered in neighboring Austin, Texas, Oden Hughes counts 17 properties across the United States, six of which are in San Antonio and count 2,268 units. Most of the multifamily projects in the metro are currently in the planning stages in Shavano Park and Dar North Side submarkets. The largest property, managed by the company itself, is the 356-unit Landmark Grandview completed in 2016. The Class A property consists of five four-story buildings spread across approximately 25 acres at 15503 Vance Jackson Road in the Shavano Park submarket. The unit mix encompasses one guest suite of 1,106 square feet and one- to three-bedroom floorplans that range from 523 to 1,350 square feet. The controlled access community features a fitness center, business center, clubhouse, two swimming pools and 535 parking spaces.
4. Ilan Investments
The Houston-based investor boasts a massive 67-property portfolio that comprises 17,546 units nationwide. In San Antonio, the company owns 10 properties with 2,367 units, all managed by Adara Communities. Its largest San Antonio community is Vineyard Springs, a 23-building, 364-unit property Ilan Investments purchased in February this year. The Class A property occupies nearly 20 acres at 18200 Blanco Springs in the Beckmann submarket and offers one- to three-bedroom floorplans averaging 928 square feet. Community amenities include a fitness center, a business center, clubhouse, two swimming pools, spa and 689 parking spaces.
3. Management Support
The Anaheim, Calif. company owns and manages nearly 12,500 units across the U.S., 3,759 of which are in San Antonio, all of them in the high-end Lifestyle segment. Villas in Westover Hills is the largest community, counting 558 units. The 13-building community was built in 2014 on more than 26 acres at 1818 Rogers Road in Leon Valley – West submarket. The unit mix features two guest suites and one- to three-bedroom floorplans ranging from 549 to 1,327 square feet. Common area amenities include controlled access, fitness center, business center, rental office, clubhouse, tennis court, volleyball court, basketball court, playground, three swimming pools, spa and 837 parking spaces.
2. NRP Group
Headquartered in Cleveland, Ohio, the company owns 94 properties nationwide, almost 17,000 units. In San Antonio, the company owns and manages 27 multifamily properties, which combined, total 6,034 units. Its largest community in the metro is the 322-unit Esperanza at Palo Alto, a Class A property completed earlier this year. The 14-building property is situated on 17 acres at 12305 SQ Loop 410 in the City South submarket and is 99 percent occupied. The unit mix consists of one- to four-bedroom floorplans with sizes between 656 and 1,460 square feet. The controlled access community features a fitness center, business center, clubhouse, playground, children’s playroom, swimming pool, laundry facilities and 592 parking spaces.
1. San Antonio Housing Authority
The government agency is the top apartment owner in San Antonio, counting 73 properties and 11,594 units, scattered across the city. SAHA also handles the management responsibilities for most of them. This is also the case for its largest one, the 741-unit Alazan – Apache Courts at 1011 South Brazos St. In the Southtown/King William submarket. The 50-building property is situated on nearly 11 acres and offers one-, two- and three-bedroom floorplans averaging 627 square feet. The community features a playground and 900 parking spaces.