August 8, 2019
Presidium Group sold Axio Apartments, a 360-unit, garden-style, multifamily complex on San Antonio’s northwest side. The complex at 8722 Cinnamon Creek Dr. sold to private Texas buyer. The sales price was not disclosed, with the property assessed at $34 million.
Mike Miller, Will Caruth, Chris Ross and Cody Courtney with Berkadia represented the seller in the transaction. With the sale, Presidium ended its five-year old on the asset, which delivered in 1982 and was renovated in 2016.
Axio Apartments offers one-, two- and three-bedroom units. On-site amenities include a fitness center, pool, basketball court, tennis court and volleyball court.
“Axio Apartments exemplifies the upside potential that exists throughout San Antonio’s multifamily inventory,” Caruth said. “With almost 20,000 new residents moving to San Antonio over the past year due in part to its affordability, the demand they bring has elevated rent growth above the national average, making it a compelling market for investors.”
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