Harrison, New York- December 31, 2019. LRE Management LLC announced that an entity in which it has a 75% equity interest acquired Firewheel Apartments, a 366-unit multifamily property located in San Antonio, TX. An LRE related entity contributed $16 million of equity in connection with the acquisition and assumed existing mortgage debt that matures in 2024 and carries an interest rate of 3.89%. Built in 2014, the well-maintained property is located in the heart of Northwest San Antonio’s Medical Center Area. The property is well located just off I-10 and Loop 1604, making it highly visible to more than 280,000 vehicles per day. The Austin-San Antonio corridor is expected to add 1 million residents by the year 2030 and the San Antonio metro area is expected to add 40,000 new residents per year for the foreseeable future.
“We are excited to acquire our third asset in San Antonio, one of the fastest growing cities in the country in terms of both population and job growth. This is a well-built property in great condition and should benefit from the reduced supply of new apartment deliveries in San Antonio over the next few years”, shared Eric R. Londa, Managing Partner at LRE Management LLC. “Texas continues to grow faster than any other state, accounting for 25% of the country’s population growth from 2018-2019, while other states including Illinois, New York and New Jersey lost population. Given San Antonio’s relative affordability and strong job growth, we expect this trend to continue to drive demand for apartments.”
