In a big move in the real estate market, a company called WayMaker Ventures from Austin bought the Jones & Rio apartment complex in downtown San Antonio. This complex has 191 apartments and is located at 111 West Jones Avenue. This purchase shows that more and more people are interested in buying buildings with multiple apartments in city centers.
The deal was made possible with the help of a $13 million loan from Horizon Bank. It shows that downtown San Antonio is still a good place to invest money, even though the apartment complex was up for sale for a long time.
The price they paid for the complex works out to just over $68,000 for each apartment. The property itself is valued at $44 million. This purchase is a smart bet on the idea that downtown San Antonio will continue to improve and that owning apartment buildings there will be valuable in the long run.
The Background of the Deal
The Jones & Rio complex was previously owned by a group from New York and New Jersey. This sale is part of a trend of buying and selling buildings with multiple apartments in San Antonio.
The property was put up for sale in October and was sold with some tax benefits from the city to encourage development downtown. The sale of Jones & Rio is part of a bigger story of people buying and selling apartment buildings in San Antonio, some because they’re in trouble and others because investors see potential in the city’s growth.
What’s Happening in San Antonio’s Apartment Market
The purchase of Jones & Rio by WayMaker Ventures comes at a time when there’s a lot of activity in the apartment market in San Antonio.
Some properties have been sold recently, some of them in trouble before, showing that the market is changing and there are opportunities for smart investors.
For example, the Solara complex was sold for less than $75,000 per apartment, and the Summit at Salado Creek was bought by Madera Residential from the same group that owned Jones & Rio.
These deals, along with the Jones & Rio purchase, show that people believe in the apartment market’s strength and its growth potential.
What Does This Mean for Downtown Revitalization?
The purchase of Jones & Rio by WayMaker Ventures isn’t just about investing in downtown San Antonio—it’s also about making the area better.
The location of the property and the fact that big real estate companies are involved show that downtown areas are attractive for investment and development.
This trend, supported by city benefits like tax breaks, is important for making downtown areas more lively and attractive to live in. As downtown San Antonio gets more investment, it will have big effects on the local economy, the availability of housing, and how the city grows.
