Denver, Colorado (August 19, 2021)
Ascentris, a Denver-based real estate private equity firm, announced the sale of Southtown Flats, a 229-unit Class A multifamily property located in the Downtown submarket of San Antonio, Texas.
The property is situated along the San Antonio River Walk in the Southtown neighborhood, an area known for the Historic King William District, the Blue Star Arts Complex, an active arts scene and a variety of restaurants, bars and coffee shops.
Recognizing favorable demographic trends in San Antonio and the growth potential of the Southtown neighborhood, Ascentris developed Southtown Flats in 2016. Following completion, the firm operated the property for five years before bringing it to market in 2021.
During its ownership, Ascentris positioned the property as a best-in-class multifamily community by implementing a comprehensive smart home package with integrated smart access control and thermostats, adding a resident business center and upgrading rooftop and courtyard common areas.
These improvements, combined with effective property management, allowed Southtown Flats to consistently outperform competing properties in the market. San Antonio also experienced strong employment and population growth during the firm’s hold period.
“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 strong investor appetite for stabilized Class A multifamily created an attractive opportunity to sell the property.”
Patton Jones, Matthew Michelson and Andrew Dickson of Newmark marketed the property for sale on behalf of Ascentris.
About 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 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 allows investors to access opportunities ahead of the market while receiving a high level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser committed to putting its investors’ needs first. Additional information is available at www.ascentris.com.
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