February 21, 2023

Bryan Leonard and Zar Haro discuss San Antonio's economic growth with Texas Multifamily & Affordable Business

SAN ANTONIO, TEXAS (February 21, 2023) - Bryan Leonard, managing director - debt/equity, and Zar Haro, managing director - multifamily investment sales, of Northmarq's San Antonio office recently spoke with Texas Multifamily & Affordable Housing Business in a story titled, "Investors Bank on San Antonio's Economic Growth." While the rest of the world seems to be bracing for a possible recession, San Antonio investors remain bullish, as long as they are ready to play the long game. As a young city with a growing job market and population, demand for apartments is high, especially in the context of being more affordable than neighboring Austin.

"The most active submarket concentrations are the Far West side of San Antonio, Northwest San Antonio and I-35 corridor markets like New Braunfels," said Leonard. He noted that while the pipeline may be flush with future projects, new communities are still needed in San Antonio.

Haro pointed-out that most of the area's multifamily inventory was built between 1970 and 1989, with a garden-style build. "This asset type is the most liquid due to the current value-add component and a receptive renter market that can't afford new construction rents but still prefers a modern finish-out seen in renovated units," he said.

Other topics covered include: