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San Francisco Shop FPA Multifamily Acquires Arrive Eilan for $102 Million

San Antonio Apts. Sell for $189,000/Unit
April 13, 2018
A 10-year-old San Antonio apartment complex has traded hands for $102 million.

San Francisco’s FPA Multifamily acquired the Arrive Eilan Apts. at 17803 La Cantera Pky. in a deal that closed this week. The price translates into slightly more than $189,000 per unit for the 539-unit property.

San Antonio, like many apartment markets, has seen fundamentals flatten under a wave of new development. Builders have added 20 percent more units to San Antonio's inventory since 2010, and vacancy has ticked up steadily to its current average of 10.2 percent. Rent growth is an anemic 1 percent year-over-year, according to CoStar research, one of the lowest in the country.

On the bright side, the city’s employment and in-migration numbers are strong. That has attracted investors, as at least $1 billion worth of rentals traded hands in 2017 - more than four times the peak volume of the last cycle.

Dallas’ Lone Star Funds sold Arrive Eilan after acquiring the asset in 2013 as part of its massive $720 million purchase of Dutch investor Wereldhave’s entire portfolio of office, retail, apartment and hotel properties.

Developed in 2008, the complex is a mix of studio to three-bedroom apartments. On-site amenities include a great room, with billiards and a business center, a fitness center, a pool and a dog park.

Representatives with CBRE brokered the deal. For more information on the transaction, please see CoStar Comp #4208533.

John Doherty, Multifamily Reporter  CoStar Group   
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