AN ANTONIO, TEXAS (September 29, 2022) – Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe finalized the sale of Aviation Place, a 61-unit property is located at 402 East Aviation Place in Universal City, Texas. Northmarq represented the buyer, Raybec Investment Group, who plans a renovation program. “We are inspired to make communities transform through the power of clean, functional housing and care for our residents; we are excited for the change in the community,” said Norman Litz of Raybec.
The Northeast submarket is one of the most populous submarkets in San Antonio, with more than 100,000 households, and is growing at 11 percent. Much of the submarket’s employment increase is happening because of the changing landscape for industrial space and the demand for manufacturing along the I-35 corridor, much like Navistar. “With the continued growth of e-commerce, distributors are seeking efficient transportation and connectivity to consumers and retailers. Interstate 35 serves as a major connector in San Antonio and passes directly through the Northeast submarket,” said VanCura.
“The reprioritization of favoring North American trade routes between Mexico and the United States over politically risky and supply chain-shattered Asian markets has caused a fundamental shift forcing distributors to find alternate shipping routes. San Antonio will benefit from the disruption,” said Haro.
Aviation Place benefits from the wide range of activities in University City. Known for its wide range of athletic fields, nature trails, and seasonal community events, the neighborhood offers something for everyone. Located right off Interstate 35, University City Park residents are just 20 miles southwest of Downtown San Antonio.
According to Northmarq’s recently released San Antonio multifamily market insights, the number of properties that have changed hands increased by nearly 50 percent year-to-date.