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The US Census Bureau reported that San Antonio had 30,379 people move to the state from other states in 2023. In fact, San Antonio leads the nation’s largest 35 cities in population growth from domestic migration. People have been flocking to San Antonio for years. Since 2020, the city has grown 5.27%, the 3rd fastest of any large MSA. |
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San Antonio is luring families from other areas of the country with a robust local job market, affordable housing, and excellent big-city amenities. This surge in population bodes well for multi-family investors. MMG is forecasting demand will materially outstrip new supply for 2025 and 2026, which will drive net absorption higher and vacancy lower. We love San Antonio, and after acquiring our first asset three years ago, we have been actively looking to add more properties to our portfolio. We have been bidding on properties using very conservative underwriting and, due to competition, weren’t able to close any additional deals in the area through the end of 2023. Finally, our patience won out, and we were able to get The Regatta under contract at a very attractive price. This property is in a prime location and boasts large apartments. This is a true value-added opportunity, and we will reap the rewards of returning the property to its former luster. Having another property nearby under our management umbrella allows us to leverage our knowledge and efforts. |
