Ascentris Sells Downtown San Antonio Multifamily Property, Southtown Flats
Denver, Colorado (August 19, 2021) – Ascentris, a Denver-based real estate private equity firm, announced today the sale of Southtown Flats, a 229-unit Class A multifamily property in the Downtown submarket of San Antonio, TX.
The property is located along the San Antonio River Walk and in the Southtown neighborhood, which is defined by the Historic King William District, Blue Star Arts Complex, thriving art scene, and eclectic restaurants, bars, and coffee shops. Recognizing favorable demographic trends in San Antonio and the growth potential of the trendy Southtown neighborhood, Ascentris developed Southtown Flats in 2016. Following delivery, Ascentris managed the Property for five years before marketing the Property for sale in 2021.
During its hold, Ascentris continued to position the property as best-in-class, installing a comprehensive, market-leading smart home package featuring integrated smart access control and thermostats, adding a business center resident amenity, and upgrading the common area rooftop and courtyard amenities. The property’s positioning within the market and skilled property management team led to Southtown Flats consistently outperforming its competitive set. Further, San Antonio benefited from strong employment and population growth during Ascentris’ hold.
“Southtown Flats demonstrated great resilience relative to its competitive set during the last 12 months, and Central Texas’ strong demographic trends continue to attract an expanded buyer pool,” said Ascentris Senior Associate Patrick Tyson. “The culmination of our business plan execution and fervent investor appetite for stabilized Class A multifamily proved an attractive opportunity to sell the property,” added Tyson.
Patton Jones, Matthew Michelson, and Andrew Dickson of Newmark marketed the property for sale on behalf of Ascentris.
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $2.2 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.