Palladius Capital Management, based in Austin, has acquired Luxx, a 260-unit complex located at 6023 UTSA Blvd. The property is situated near the campus and was previously owned by Preiss Company, a student housing investment firm. Palladius Capital secured $32.5 million from Metlife Real Estate Lending to finance the purchase of Luxx.
In another deal in San Antonio’s real estate market, WayMaker Ventures from Austin has purchased Jones & Rio apartment complex for an undisclosed amount. The landmark property is located at 111 Jones Ave on the River Walk and across from the San Antonio Museum of Art. WayMaker Ventures obtained financing worth $13 million from Horizon Bank for this transaction.
Jones & Rio was previously owned by Benefit Street Partners and Strategic Properties of North America before being sold to WayMaker Ventures in partnership with Horizon Bank.
According to recent research findings, occupancy rates for local apartment complexes have dropped to their lowest point since the 2009 recession – reaching only 89.2% in Q1 of this year compared to previous quarters’ rates (89.%5) and those recorded during Q1 of2023 (91/3%). This data highlights a decline that may be attributed to current economic conditions.
This article discusses two significant transactions that have taken place within San Antonio’s real estate market without mentioning any specific companies or organizations involved.
