A New York developer made a move on San Antonio with the purchase of a Southeast Side apartment complex.
Axonic Properties bought the Costa Cadiz Apartment Homes at 2819 South WW White Road just east of Pecan Valley, the San Antonio Business Journal reported. Axonic bought the property from the NRP Group.
Jeff Irish, senior managing director of investment sales at Berkadia, brokered the deal.
The purchase price wasn’t released, but a $33.6 million loan from KeyBank is tied to it, according to a deed of trust filed with San Antonio’s Bexar County. The Bexar tax assessor valued the property at about $8.7 million.
This is the developer’s first deal in Texas. The project is in line with a citywide trend of developers buying existing properties and land for apartment projects, especially near the Loop 1604 corridor.
Jonathan Schectman, managing principal with Axonic, said the firm decided on Texas because of its booming market.
“We liked the fundamentals in San Antonio and we’re excited to enter into a new market,” Schectman told the outlet. “We’re excited to expand into Texas at a time when the market is a little less competitive because the capital markets are uncertain.”
Axonic, led by Shechtman and Clayton DeGiacinto, has a history of South Florida investments. Last year, it paid $37 million for a bulk condo purchase of 170 of the units at the 310-unit Valencia at Doral.
The investment firm scooped up the Bella Vista apartment complex in Lauderdale Lakes, Florida, last month for $64 million, according to records, after borrowing $46 million from KeyBank to finance the purchase.
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