Cologne, New York and Fort Lauderdale-based fund and investment manager German American Realty has acquired another apartment complex in Texas together with its partner Kairoi Residential.
The Jax apartment complex comprises 322 units and is located in the northwest of San Antonio, close to the city’s main business centers. The purchase price was significantly below restoration costs.
The complex has spacious apartments with an average area of 94 square meters and is particularly aimed at families of the local middle class, which significantly characterizes the northwest of San Antonio. With the takeover of operational management by Kairoi Residential, targeted renovations of the residential units and a comprehensive upgrade of the common areas are now being implemented.
The San Antonio metropolitan area already has over 2.7 million inhabitants and forms a central part of the so-called “Texas Triangle”, which is one of the fastest growing regions in the USA. In addition to San Antonio, the cities of Dallas, Fort Worth, Houston and Austin are included. The state generates a GDP of around 2.7 trillion US dollars and, considered as an independent economy, would rank eighth in the world.
Dr. Gisbert Beckers, founding partner of German American Realty, concludes: “San Antonio has a multifaceted economic structure and a stable labor market. The demand for rental residential properties is correspondingly high. With the “The Jax” apartment complex, we have added a property with high value appreciation potential to our portfolio. Our focus is on identifying other attractive properties in thriving regions of the US Sunbelt. The ongoing market phase with lower demand from institutional investors offers excellent opportunities for this.”
