Austin Investor Interests (San Antonio)

$400/year
The San Antonio Multi-Family
TREND REPORT
2nd QUARTER 2014
COPYRIGHTED REPORT ¤ DO NOT COPY
Strong and Solid in 2014
Just the Facts...
Average Occupancy:
Average Rent:
91.8%
$836
Average Square Feet:
Average $/SF:
832
$1.00
New Units Added (conventional): 1,145
Average Sales Price/Unit: $95,674
Did you know?
The statistics in this report are based on
conventional properties unless otherwise
noted. For further information, all of our
data can be searched on the website.
2Q14 Affordable Housing Stats:
21,892 Units – 95.3% - $.80 psf
2Q14 Student Housing Stats:
2,385 Units – 94.4% - $1.25 psf
We appreciate the cooperation and support that
we received from all property managers,
assistants and owners.
Inside...
Occupancy
Page 2
Rental Rates
Page 2
Absorption
Page 3
Unit Mix Averages
Page 3
New Construction
Page 4
Construction Comparison
Page 5
Sales
Page 6
Population/Job Growth
Page 7
The information contained herein was obtained from our industry
sources and other third parties, and we have used commercially
reasonable efforts to gather, verify, analyze and report such
information.
NONETHELESS,
WE
MAKE
NO
REPRESENTATIONS OR WARRANTIES OF ANY KIND,
INCLUDING ANY WARRANTY OF MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE OR USE, WITH
RESPECT TO THE INFORMATION CONTAINED HEREIN. All
information should be independently verified by the user of this
report. Reproduction of this report in whole or in part is
prohibited without the prior written consent of Austin Investor
Interests, LLC.
As expected, the second quarter was solid for the San Antonio apartment market.
Occupancy rates increased .29%, while effective rental rates increased 1.34%,
finally breaking the $1.00 per square foot mark. Absorption rates were positive
and sales increased in both volume and value. In fact, there is very little to not like
about the San Antonio market right now.
As mentioned last quarter, an overall occupancy rate of 91.8% is not envied by
most cities. However, given the increased number of new unit completions over
the past several years, coupled with steadily increasing rental rates, the numbers
are keeping investors happy. Rental rates have increased over 4% since this time
last year, and absorption levels have remained robust, with over 4,700 more units
occupied than were at mid-year 2013.
New construction is faring especially well, as stabilized Class A units are showing
an overall occupancy rate of over 94%, with rental rates at $1.20 psf. This is good
news for developers, as there are currently 9.984 units under construction and
almost 70% of those are expected to complete by year-end. It seems the only area
that is showing any signs of slowing is the student-housing sector. After a flurry of
activity in this “leased by the bedroom” market, potential builders of future student
projects have taken a step back to see how the latest wave is received. They will
not have to wait long, as there are three on track to open for the fall semester.
Detailed construction information can be found on pages 4-5 of this report, and be
sure to check out our new Market Snapshot on page 7.
Sales activity increased during the quarter with 21 properties changing hands. An
increase in Class A property sales pushed the average price up during the quarter
to a record high of almost $96,000. Expect sales to remain brisk during the latter
part of the year, as there are 68 properties reported for sale at this time.
The third quarter is generally a strong one for San Antonio, and this year will be
no different. New units completions will remain on par with those seen during the
first two quarters of the year and absorption levels will rise, bring occupancy and
rental rates up as well. It is the fourth quarter that may see some issues, as there
are twice as many new unit completions expected during the most notoriously
slow time of year.
Published By:
Austin
San Antonio
(877) APT-DATA
www.apartmenttrends.com
(877) APT-DATA or (877) 278-3282
www.apartmenttrends.com
E-mail: [email protected]
Multi-Family Market
OCCUPANCY & RENTAL RATES
2Q14
BN
C
E
FNC
FNE
FNW
FW
KR
NB
NC
NC2
NE
NE2
NW
NW2
SC
SE
SG
SW
W
BEXAR
TOTAL
% of
Total
CLASS A
STBL CLASS A
OCC
RENT
OCC
RENT
93.4%
$1.02 95.16%
$0.96
94.4%
$1.65 96.32%
$1.62
92.0%
$1.16 94.14%
$1.16
94.6%
$1.10 94.58%
$1.10
83.3%
$1.34 93.28%
$1.29
88.5%
$1.15 93.25%
$1.13
95.8%
$0.97 95.77%
$0.97
94.4%
$1.24 93.89%
$1.24
90.2%
$1.47
89.2%
$1.19 95.07%
$1.17
70.7%
$1.61 93.52%
$1.62
80.3%
$1.19 94.44%
$1.23
91.2%
$1.16 94.86%
$1.15
75.3%
$1.24 98.00%
$1.23
95.1%
$1.13 95.10%
$1.13
95.9%
$1.16 95.88%
$1.16
88.8%
$1.22
94.3%
$1.21
89.4%
$1.22
94.3%
$1.20
117 props (17%)
88 props (13%)
31,241 uts (22%) 24,146 uts (17%)
CLASS B
CLASS C
OCC
RENT
OCC
RENT
97.7%
$1.05 100.0%
$1.06
96.3%
$1.38
98.7%
$1.11
92.0%
$0.75
92.3%
$0.81
94.4%
$1.03
95.1%
$1.04
92.9%
$0.89
95.2%
$1.13
87.7%
$0.92
92.7%
$1.08
92.2%
$0.95
97.7%
$0.99
98.0%
$0.75
96.4%
$1.16
96.2%
$0.91
90.7%
$1.16
91.5%
$0.85
95.1%
$1.06
93.2%
$0.90
89.5%
$1.35
93.5%
$0.93
93.6%
$1.02
93.4%
$0.88
91.1%
$0.83
91.6%
$1.07
90.6%
$0.88
98.2%
$0.84
93.3%
$0.95
75.4%
$0.73
96.0%
$0.89
96.0%
$0.90
87.9%
$0.85
94.2%
$0.78
93.5%
$1.08
91.9%
$0.88
93.8%
$1.08
92.1%
$0.88
70 props (16%)
242 props (67%)
26,475 uts (19%) 83,588 uts (59%)
TOTALS
OCC
RENT
96.0%
$1.03
95.8%
$1.51
92.2%
$0.80
93.0%
$1.11
93.8%
$0.99
86.5%
$1.26
90.7%
$1.07
97.7%
$0.81
95.4%
$1.15
91.4%
$0.89
93.1%
$0.99
89.9%
$1.11
92.9%
$0.91
91.1%
$0.83
90.9%
$0.95
91.5%
$0.98
78.4%
$0.80
96.0%
$1.01
88.8%
$0.85
94.2%
$0.78
91.6%
$1.00
91.8%
$1.00
673 props
141,304 units
QTR CHANGE
OCC RENT %
5.51%
4.63%
0.74%
0.86%
2.18%
0.90%
2.64%
2.63%
-0.56% -0.09%
-0.01%
3.32%
-0.64%
2.92%
1.77%
0.78%
5.49%
4.76%
0.32%
0.11%
0.50%
0.69%
-1.98%
0.85%
1.68%
0.86%
-0.13%
0.94%
-0.08%
0.64%
-2.57%
1.77%
-1.17%
0.74%
0.52%
2.35%
-2.58% -0.28%
0.31%
0.76%
0.10%
1.23%
0.29%
1.34%
ANN CHANGE
OCC RENT %
-1.08%
6.02%
1.99%
4.57%
3.09%
3.06%
1.21%
3.50%
0.66%
3.35%
-5.17%
7.88%
-2.93%
5.69%
3.82%
3.16%
6.26%
6.38%
-0.91%
1.95%
-0.32%
3.29%
-3.72%
5.73%
-0.85%
3.64%
-0.87%
2.41%
-0.74%
2.53%
1.89%
2.68%
-3.95% -0.48%
0.78%
1.80%
-5.08%
4.45%
1.88%
2.51%
-0.90%
4.05%
-0.67%
4.13%
Rates include properties under construction with rentable units. Please refer to www.apartmenttrends.com for property specific information. Stabilized Class A statistics have been broken out
and include properties that are less than 12 months old. Totals include all Class A properties.
The first half of 2014 fared much better than the same time
frame of last year. In 2013, the first six months saw a mere
.1% increase in occupancy, while the .29% increase seen
this quarter brings the 2014 year-to-date yield to .55%.
Despite the healthy first half, annual figures show
occupancy is still down .67% as the market continues to
recuperate from the fourth quarter fall.
Rental rates continued to climb, posting a quarterly increase
of 1.3% to reach an effective rate of $1 psf. This represented
annual growth of over 4%.
The highest increases continue to be seen in the outlying
areas of BN and NB, where occupancy rates were up 5.5%
and rental rates increased an average of 4.7%. Within the
San Antonio area, notable occupancy increases were seen in
the FNC, E and NE2 submarkets. Conversely, the SW, SC
and NE all posted 2-2.5% decreases.
Most submarkets saw rental rates increase over the quarter,
with only two areas, the SW and FNE, posting minimal
declines. Significant increases, over 2.3%, were seen in the
FW, FNW, FNC and SG areas.
HISTORICAL OCCUPANCY
HISTORICAL RENTAL RATES
100.0%
By Class
98.0%
$1.20
96.0%
$1.10
94.0%
$1.00
92.0%
$0.90
90.0%
$0.80
88.0%
$0.70
86.0%
$0.60
84.0%
$0.50
1Q03
1Q03 1Q04 1Q05 1Q06 1Q07 1Q 08 1Q 09 1Q 10 1Q11 1Q 12 1Q13 1Q14
Class A
Class B
By Class
$1.30
Austin Investor Interests, LLC (877) APT-DATA
1Q04
1Q05
1Q06 1Q07 1Q08 1Q09
Class A
Class C
Page 2
Class B
1Q10
1Q11
1Q12
1Q13
1Q14
Class C
Copyright ©2014
Multi-Family Market
UNIT MIX AVERAGES
Efficiency
SF
RENT
503
$695
525
$790
418
$431
577
$782
433
$482
641 $1,097
470
$577
487
$500
524
$780
464
$543
455
$527
506
$658
476
$522
403
$435
470
$538
396
$486
375
$397
400
$575
431
$432
484
$455
467
$565
468
$566
3.9%
2Q14
BN
C
E
FNC
FNE
FNW
FW
KR
NB
NC
NC2
NE
NE2
NW
NW2
SC
SE
SG
SW
W
BEXAR
TOTAL
% TTL
1 Bedroom
SF
RENT
692
$793
725 $1,101
568
$504
781
$922
645
$693
780 $1,066
665
$752
705
$640
705
$869
641
$610
689
$730
705
$808
664
$655
625
$532
681
$689
584
$596
627
$562
659
$724
598
$526
595
$480
678
$724
679
$728
51.3%
2 Bedroom
SF
RENT
995
$990
1,176 $1,747
784
$604
1,152 $1,235
930
$863
1,077 $1,230
983
$984
933
$722
1,022 $1,125
983
$817
1,018
$946
1,065 $1,128
1,003
$853
882
$687
1,004
$899
851
$793
982
$723
903
$856
806
$653
874
$636
1,000
$940
999
$943
38.9%
3 Bedroom
SF
RENT
1,243 $1,229
1,056 $1,630
1,055
$784
1,499 $1,582
1,207 $1,158
1,316 $1,643
1,282 $1,341
1,114
$847
1,288 $1,368
1,244
$943
1,293 $1,218
1,326 $1,554
1,315 $1,128
1,132
$823
1,325 $1,113
1,151 $1,077
1,315 $1,006
1,094 $1,006
1,078
$873
1,240
$805
1,296 $1,232
1,291 $1,228
5.6%
Class A units fared well during the quarter, posting an
overall occupancy increase of 1.6% and a rental increase of
3%. Though occupancy in this class was down almost 2%
over this time last year, rents have increased 4.5%. New
construction continues to have a significant effect on Class
A, as the difference between occupancy in stabilized and
unstabilized units is almost 5%. Worthy of note is that
among the stabilized Class A units, occupancy rates are
93.5% or higher in every submarket.
Class B units saw occupancy decline slightly during the
quarter, down .2%, while rents rose 1.2%. Annual figures
mirrored this balance, as occupancy was down .5% and rents
were up 2.5% over this time last year.
4+ Bedroom
SF
Rent
1,305
$944
2,029 $2,205
1,910 $2,149
1,910 $2,229
1,432 $1,230
1,541 $1,337
1,279
$833
1,513 $1,230
1,515 $1,309
1,500 $1,500
1,715 $1,672
1,725 $1,700
.3%
Overall
Concess
SF
Rent
Adjust
927
$959 -0.61%
796 $1,200 -0.76%
755
$604 -2.86%
1,034 $1,146 -2.34%
791
$784 -2.06%
927 $1,171 -1.69%
812
$867 -1.40%
869
$703
0.00%
889 $1,022 -0.84%
797
$705 -3.08%
839
$831 -2.27%
867
$962 -3.24%
843
$764 -3.34%
693
$578 -2.76%
829
$785 -2.61%
705
$692 -1.30%
830
$665 -4.07%
794
$800 -1.40%
682
$582 -1.58%
685
$536 -0.54%
830
$831 -2.34%
832
$836 -2.25%
# of
Props
Occupancy in Class C was stable over the quarter, although
annual figures show a small decrease of .4%. Rental rates
increased .3% for the quarter and 3.2% for the year. The FW,
NC and SW areas all posted declines in both occupancy and
rent for the quarter in this class.
The overall average monthly rent rose $11, or 1.3%, during
the second quarter. While all bedroom types reported an
increase, three-bedroom units rose the highest at 2.3%,
followed by efficiencies and twos, which averaged a 1.5%
increase. One- and four-bedroom units rose less than 1%.
Overall, the number of properties offering concessions
increased 3%, leaving 58% of the properties offering specials
at a cost of 2.25% off market rates.
HISTORICAL RENT & OCCUPANCY
100%
7
17
14
29
44
18
55
13
21
37
103
41
60
36
114
27
5
5
14
13
622
673
$1.10
90%
$1.00
80%
$0.90
70%
$0.80
60%
$0.70
50%
$0.60
40%
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
Occup
91%
91%
92%
93%
94%
93%
92%
92%
92%
92%
92%
92%
91%
91%
89%
90%
92%
93%
92%
Rents
$0.63 $0.64 $0.65 $0.68 $0.70 $0.72 $0.75 $0.77 $0.79 $0.80 $0.78 $0.79 $0.82 $0.83 $0.83 $0.85 $0.89 $0.93 $0.96 $0.96 $0.97 $0.97 $0.99 $1.00
Austin Investor Interests, LLC (877) APT-DATA
Page 3
92%
93%
91%
92%
$0.50
92%
Copyright ©2014
Multi-Family Construction
CURRENT NEW CONSTRUCTION by Submarket
Units Under Construction, Submitted, Approved and Proposed
“And they're certainly not showing any signs
that they are slowing!”
7000
-- Willy Wonka, 1971
Construction
6000
Approved
9,984 Remaining
648
5000
4000
Submitted
Proposed
2,122
13,668+
3000
2000
1000
0
BN
C
E
FNC
FNE
FNW
FW
NB
NC
NC2
New Construction:
1 – Aura at the Rim
2 – Blue Star Lofts Ph II
3 – Cellars at Pearl
4 – Creekside Park
5 – Emerald Village (AH)
6 – Meadow Creek
7 – Stillwater Alamo Heights
8 – Vantage at Alamo Ranch
Continued Construction:
1 – 1111, The
2 – 327 Sunset
3 – Boardwalk at Medical Center Ph II
4 – Boardwalk on Research
5 – Brackenridge at Midtown
6 – City Vista
7 – Dalian at Monterrey Village Ph I
8 – District at Medical Center
9 – Elan Riverwalk (Agave Riverwalk)
10 – Firewheel
11 – Huebner Road Project
12 – Landmark Ridge
13 – Legacy Brooks
14 – Lookout Hollow Ph II
15 – Luxx, The (SH)
16 – Pecos Flats
17 – Peanut Factory Lofts
18 – Prado, The (SH)
19 – Reserve at Lone Oak
20 – Residences at La Cantera Ph I
21 – Residences of Solms Village (AH)
22 – River House, The
23 – San Juan Square (Ph III)
24 – San Saba Trails (Carriage Hill)
25 – Savannah Oaks
26 – Sonterra Blue
27 – Tacara at Westover Hills
28 – Tetro Student Village (SH)
29 – Thirty Oaks
30 – Towers at TPC
31 – Urban Crest
32 – Villa Espada
33 – Village at Leon Springs
34 – Wiregrass at Stone Oak
Completed Construction:
1 – Park at Sutton Oaks (AH)
2 – Park at West Avenue
3 – Retreat at Cross Mountain
4 – Springs at Alamo Ranch
5 – Vantage at Judson
6 – Vantage at Shavano
NE
NE2
NW
Submarket
FNW
C
C
NB
FNC
FW
NE
FW
Submarket
NE
NE
NW2
NW2
NE
NC
FW
NW2
C
NW2
NC2
NC2
SE
FNC
NW2
FW
C
NW2
SC
FNW
NB
C
C
FW
NC2
FNC
FW
FNW
FW
FNC
NE
SC
FNW
FNC
Submarket
E
NC2
FNW
FW
NE2
FNW
NW2
SC
SE
SW
1,659 units
308 units
334 units
124 units
150 units
144 units
204 units
107 units
288 units
9,325 units
278 units
310 units
84 units
332 units
282 units
141 units
360 units
303 units
350 units
366 units
396 units
336 units
412 units
116 units
220 units
384 units
102 units
160 units
200 units
323 units
80 units
261 units
252 units
240 units
332 units
342 units
312 units
198 units
297 units
416 units
232 units
280 units
320 units
308 units
1,521 units
208 units
360 units
145 units
232 units
288 units
288 units
During the second quarter, eight new
properties, with a total of 1,659 units, started
construction. While the property count was the
same as the first quarter, the unit count was
33% less, pointing to a decrease in property
size.
New submittals remained on par with the first
quarter, reflecting 1,611 units in six properties.
While one of these properties started during
the quarter, the rest are expected to break
ground before year end.
With these new starts, the number of
properties currently under construction stands
at 42, with a total of 10,984 units. Of these,
1,000 have already completed and been added
into the area inventory, leaving 9,984 units yet
to come.
Of those properties already underway, the
majority of units are concentrated in the FW
(19%), C (14%), NW2 (14%) and FNC (13%).
Proposed projects are heavy in the FW, FNW
and SC areas.
MULTI-FAMILY PERMITS ISSUED
By Number of Units
0
1500
3000
4500
6000
7500
9000
10500
12000
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
Complete construction data is available on our website www.apartmenttrends.com
Austin Investor Interests, LLC (877) APT-DATA
Page 4
Copyright ©2014
Multi-Family Construction
Construction completed on six properties during the second
quarter, adding their final 487 units to the area mix. Added
to the units that came online from properties still under
construction, there were a total of 1,145 new units added
during the second quarter. The loss/return of units due to
rehab and/or demolition put the net unit change at 1,251.
In the past 12 months, there were a total of 6,084 new units
added to the market. Of these, 372 were affordable or
student housing and 5,712 were conventional, with a
current average occupancy of 73%.*
Over the next 12 months, there are 6,292 units expected to
break ground, 89% of which are conventional. The majority
of these are located in the FNW, FW and FNC submarkets.
2Q14
CNV HSG: Absorption & Units Added*
2Q14
Rentable New Uts Net Unit Absrbd
Units
Added
Change
Units
BN
799
44
C
2,685
20
E
2,205
48
FNC
8,401
42
42
260
FNE
8,711
-49
FNW
5,208
167
167
144
FW
15,101
328
360
232
KR
1,073
19
NB
3,390
186
NC
4,789
3
18
NC2
26,549
108
107
232
NE
7,040
241
241
82
NE2
12,874
60
82
291
NW
4,717
-6
NW2
27,465
85
85
54
SC
3,943
114
114
6
SE
1,345
50
24
SG
768
4
SW
2,328
-60
W
1,913
6
BEXAR
134,182
1,145
1,251
1,279
TOTAL
141,304
1,145
1,251
1,555
OVERALL ABSORPTION
3000
Unit s Absorbed
2500
Net Unit Change
2000
1500
1000
500
0
-500
-1000
1Q05
1Q06
1Q07
1Q08
New Development Summary
Last 12 Months
Next 12 Months
New Units Occ in
Est
Est
Added New Units Starts Complete
116
89.7%
90
120
70.0%
107
713
985
86.9%
920
724
787
56.0%
1,734
97
1,472
77.3%
1,057
1,371
150
469
95.3%
264
58
90.2%
141
710
60.9%
353
732
325
29.5%
884
288
76.4%
150
252
69.2%
248
1,000
130
23.1%
280
350
378
412
5,127
78.7%
5,227
6,424
5,712
72.9%
5,581
6,574
*Charts include conventional units only. New units added reflects only those units that have been added from new construction during the quarter. Net
unit change includes new units added and existing units that have been added or deleted from inventory. Completions and starts are rough estimates of
current developer expectations. Occupancy may include units completed prior to the 12 months shown.
1Q09
1Q10
1Q11
1Q12
1Q13
1Q14
The same 12 months will see
construction complete on 7,484 units
– 332 affordable, 578 student and
6,574 conventional. Almost 69% of
those will complete over the next six
months. The bulk of completions will
be concentrated in the FW, NW2 and
NE2 submarkets.
Absorption figures during the second
quarter remained strong, with 1,555
more units occupied than during the
first quarter. This brings the year-todate total of absorbed units to 3,454.
Absorption levels for the past 12
months have exceeded the previous
12 month period by over 25%.
As shown in the chart to the left,
most submarkets reported positive
absorption, most notably the NE2
and FNC. The NB area fared well
also, absorbing 186 units with no
new additions. The particularly
active FW area showed signs of
slowing during the quarter, as new
unit additions outpaced absorption by
close to 40%.
HISTORICAL CONSTRUCTION ACTIVITY
Quarter-by-Quarter Comparisons
Activity
2Q11 3Q11 4Q11 1Q12
2Q12 3Q12 4Q12 1Q13
2Q13 3Q13 4Q13 1Q14 2Q14
Starts (TTL)
1,057
2,105
1,707
1,430
Submittals (TTL)
2,386
784
2,509
1,210
1,431
1,659
1,244
2,466
1,659
1,672
0
2,427
1,309
1,479
891
826
1,830
1,699
1,252
1,773
1,596
1,611
New Units Added (CNV)
132
512
689
798
783
1,033
685
1,093
1,326
1,460
1,587
1,520
1,145
Net Unit Change (CNV)
42
492
320
600
785
1,352
902
1,218
1,145
1,650
1,560
1,678
1,251
Absorption (CNV)
612
1,009
-983
1,581
1,461
1,674
-217
1,183
1,137
1,848
-574
1,899
1,555
Occupancy (CNV)
92.1
92.5
91.5
92.3
92.9
93.2
92.4
92.4
92.5
92.7
91.3
91.5
91.8
Austin Investor Interests, LLC (877) APT-DATA
Page 5
Copyright ©2014
Multi-Family Sales
The second quarter brought a flurry of activity to the
sales arena, as volume increased 50% over the first
quarter. There were 21 properties, totaling 5,194 units,
which changed hands over the last three months. Of
those with obtainable pricing, total consideration was
over $357 million, with an average price per unit of
$95,674, and an average price per square foot of $109.
2nd QUARTER TRANSACTIONS
Project
Submarket
1 – Bella Madera
2 – Belleza at Crest Bella
3 – Brooks Village Townhomes
4 – Escondido Village
5 – Landings at Brooks City Base
6 – Legends at Kitty Hawk
7 – Orion Canyon Springs
8 – Orion Cibolo Canyon
9 – Orion Crown Ridge
10 – Pecan Valley Golf Club
11 – Regal Park
12 – Remington, The
13 – Reserve at Canyon Creek
14 – Sentinel Pointe
15 – Springwood
16 – Stonehill at Pipers Creek
17 – Summerview
18 – Villa Fontana
19 – Vista Landing
20 – Vizcaya
21 – WestShore Colony
Properties that sold were a mix of all classes, with the
Class A units bringing in close to $135,000 per unit, or
$136 psf. Class B traded at $85,000 per unit, or $97 psf,
and Class C properties averaged $46,000, or $63 psf.
The sharp increase in prices during the quarter is directly
attributed to the increase in Class A sales. In addition,
Class A sales have accounted for 36% of the sales so far
this year, with an average of $131,000 per unit.
Currently, there are 68 properties reported for sale, of
which, 14 have contracts pending.
HISTORICAL AVERAGE SALES
PRICE/UNIT
$100,000
$90,000
$80,000
$70,000
Units
NC2
FNW
SC
NC2
SC
FNE
FNC
FNC
FNW
SE
NE2
NE2
NC2
NE
NW
FW
E
NE
NE2
NC2
NB
328
288
135
400
300
288
335
104
352
379
114
158
314
94
176
292
244
137
296
256
204
$60,000
$50,000
Due to sales confirmation delays, some sales may not be reported.
All information should be verified by the person relying upon this data.
$40,000
Get detailed sales data at www.apartmenttrends.com
$30,000
$20,000
2000
2002
2004
2006
2008
2010
2012
1Q14
ANNUAL SALES PRICE PER UNIT BY SUBMARKET
$200,000
$175,000
$150,000
$125,000
$100,000
$75,000
$50,000
$25,000
$0
E
FNC
FNE
FNW
FW
KR
NB
Class A
Austin Investor Interests, LLC (877) APT-DATA
NC
NC2
Class B
Page 6
NE
NE2
NW
NW2
SC
SE
SW
W
Class C
Copyright ©2014
Market Snapshot
2Q14
BN
C
E
FNC
FNE
FNW
FW
KR
NB
NC
NC2
NE
NE2
NW
NW2
SC
SE
SG
SW
W
BEXAR
TOTAL
CURRENT CONSTRUCTION
Rentable CNV Const
% of
Units
Remaining Inventory
799
2,685
1,171
43.6%
2,205
8,401
1,140
13.6%
8,711
5,208
725
13.9%
15,101
1,893
12.5%
1,073
3,390
150
4.4%
4,789
141
2.8%
26,549
1,064
4.0%
7,040
884
12.6%
12,874
4,717
27,465
1,000
3.6%
3,943
350
8.9%
1,345
412
30.6%
768
2,328
1,913
134,182
8,780
6.5%
141,304
8,930
6.3%
CNV COMPLETIONS
12 MOS
24 MOS
14.5%
4.5%
11.2%
11.9%
7.6%
13.8%
1.2%
2.3%
1.2%
1.8%
0.6%
0.4%
2.0%
3.2%
14.5%
26.5%
18.0%
3.1%
15.0%
14.5%
2.8%
27.7%
1.2%
4.9%
1.2%
1.8%
1.1%
5.9%
3.0%
6.2%
ABSORP
Last 12
Months
104
166
70
1,006
132
452
965
41
631
-39
615
-26
306
-39
54
-506
-12
6
766
36
3,928
4,728
OCCUPANCY
Annual
2Q14
Change
96.0%
-1.08%
95.8%
1.99%
92.2%
3.09%
93.0%
1.21%
93.8%
0.66%
86.5%
-5.17%
90.7%
-2.93%
97.7%
3.82%
95.4%
6.26%
91.4%
-0.91%
93.1%
-0.32%
89.9%
-3.72%
92.9%
-0.85%
91.1%
-0.87%
90.9%
-0.74%
91.5%
1.89%
78.4%
-3.95%
96.0%
0.78%
88.8%
-5.08%
94.2%
1.88%
91.6%
-0.90%
91.8%
-0.67%
RENTAL RATES
Annual
2Q14
Change
$1.03
6.02%
$1.51
4.57%
$0.80
3.06%
$1.11
3.50%
$0.99
3.35%
$1.26
7.88%
$1.07
5.69%
$0.81
3.16%
$1.15
6.38%
$0.89
1.95%
$0.99
3.29%
$1.11
5.73%
$0.91
3.64%
$0.83
2.41%
$0.95
2.53%
$0.98
2.68%
$0.80
-0.48%
$1.01
1.80%
$0.85
4.45%
$0.78
2.51%
$1.00
4.05%
$1.00
4.13%
ANNUAL
SALES $
Per Unit
$43,357
$134,552
$74,559
$140,156
$78,812
$66,129
$97,874
$57,268
$62,369
$73,018
$46,775
$35,227
$53,880
$91,420
$49,391
$26,258
$20,167
$68,504
$69,806
PRODUCTS, SERVICES and PRICING
Apartment DataOnline “Our Database at your Fingertips”
Annual Subscription
$650/Quarter or $1400/year
Includes full access to complete apartment information including ▪ comprehensive property details ▪ complete market analysis ▪
historical data ▪ contacts ▪ construction ▪ expansive search and reporting capability on the entire market or specifically chosen criteria.
Multi-Family Trend Report
Quarterly Publication
$150/single issue or $400/year
This is a comprehensive and concise view of market conditions. Includes vital market/submarket trend information on occupancy,
rental rates, new construction, absorption and sales.
Sales Comparables
Updated Quarterly
$15/Comp or unlimited access $500/year
Includes the essentials for both current and historical sales transactions with the ability to define your own search criteria. Property
details are integrated and sales specifics include grantee, grantor, total consideration, price per unit and terms (when available).
New Construction
Updated Quarterly
$400/year or $175/Qtr.
The all-inclusive and in-depth reporting of properties in the development pipeline. Each property’s known status is reported in
quarterly detail with contact information and pertinent dates for the development process.
Management or Ownership Data
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$250/Qtr. or $450/year
Includes detailed contact information for each management company and owner, the majority include the applicable contact name
(Supervisor/Owner/Acq. Dir), address, phone, fax, email and associated property(s).
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For additional information, call us or visit our website at
www.apartmenttrends.com or (877) APT-DATA
Austin Investor Interests, LLC (877) APT-DATA
Page 7
Copyright ©2014
Multi-Family by Decade
<1970
2Q14
BN
Occ
-
Rent
Rent
Occ
Rent
Occ
Rent
2010-2Q13
% of
Inv
Occ
Rent
Occ
-
89.7%
$1.15
14.5%
49.9%
70.0%
$2.05
4.5%
Rent
% of
Inv
-
100%
$1.06
11.0%
100%
$1.10
9.4%
96.2%
$0.99
65.1%
-
99.3%
$1.03
19.9%
95.3%
$1.04
2.4%
100%
$1.32
5.7%
92.0%
$1.42
14.0%
97.1%
E
93.5%
$0.87
25.3%
91.7%
$0.74
37.9%
91.8%
$0.86
27.8%
-
92.0%
$0.75
9.1%
-
-
-
-
-
-
-
-
95.5%
$1.07
4.8%
94.1%
$1.08
67.5%
94.8%
$1.23
10.4%
86.9%
93.5%
27.3%
100%
$1.02
1.2%
94.7%
$1.08
43.3%
93.7%
$1.11
6.4%
-
-
94.4%
$1.11
7.5%
94.3%
$1.14
44.4%
92.8%
$1.49
21.6%
56.0%
$1.48
18.2%
37.1%
90.5%
$1.03
7.2%
94.0%
$1.11
36.2%
90.5%
$1.23
6.1%
77.3%
$1.19
13.1%
86.2%
FNW
FW
100%
$0.90
$0.83
4.1%
0.3%
-
93.4%
$0.83
17.7%
87.7%
$0.92
8.3%
-
-
-
-
92.2%
$0.93
$0.95
-
-
-
Last 12 months
% of
Inv
3.6%
FNE
-
Occ
2000s
% of
Inv
$1.36
-
-
Rent
1990s
% of
Inv
98.0%
-
-
Occ
1980s
% of
Inv
C
FNC
-
1970s
% of
Inv
$1.65
-
$1.17
-
-
KR
100%
$0.73
7.5%
96.9%
$0.71
30.0%
98.4%
$0.80
41.1%
97.7%
$0.99
8.2%
92.5%
$0.99
7.5%
100%
$0.94
5.8%
-
NB
97.9%
$0.88
4.2%
96.7%
$0.84
7.1%
95.3%
$0.98
10.7%
96.2%
$1.18
21.6%
94.6%
$1.20
26.4%
94.1%
$1.23
12.9%
95.3%
$1.25
17.1%
NC
89.2%
$0.80
38.8%
92.6%
$0.91
24.3%
93.5%
$0.89
29.9%
90.7%
$1.16
5.6%
-
-
-
-
90.2%
$1.47
1.3%
NC2
95.2%
$0.82
2.9%
92.9%
$0.86
23.0%
93.3%
$0.93
32.6%
95.7%
$1.04
16.2%
94.7%
$1.12
18.4%
94.3%
60.8%
$1.30
2.7%
NE
92.3%
$0.89
37.6%
95.5%
$0.93
14.8%
94.5%
$1.01
17.3%
88.9%
$1.34
13.1%
92.7%
$1.54
12.6%
-
-
-
29.5%
$1.59
4.6%
NE2
88.2%
$0.78
5.8%
91.7%
$0.82
17.7%
94.3%
$0.90
61.0%
95.8%
$1.04
5.7%
92.2%
$1.05
7.6%
-
-
-
71.5%
$1.16
2.2%
NW
91.1%
$0.76
23.9%
90.1%
$0.84
42.9%
92.3%
$0.89
33.2%
-
NW2
86.3%
$0.72
1.2%
89.5%
$0.83
29.1%
91.5%
$0.91
40.5%
89.0%
SC
97.4%
$0.85
25.3%
94.7%
$0.99
34.1%
88.7%
$0.97
29.7%
-
-
-
-
SE
83.4%
$0.72
45.6%
66.1%
$0.76
39.3%
-
-
-
-
-
95.1%
SG
-
-
96.9%
$0.89
16.7%
95.7%
39.1%
-
-
-
-
SW
83.8%
$0.78
41.1%
97.7%
$0.87
22.1%
86.1%
$0.93
25.9%
-
-
-
96.0%
W
97.8%
$0.70
18.7%
93.5%
$0.77
40.3%
93.2%
$0.84
41.0%
-
-
-
-
BEXAR
90.8%
$0.82
8.5%
91.4%
$0.85
20.1%
92.6%
$0.92
31.9%
93.3%
$1.08
7.6%
94.0%
TOTAL
91.0%
$0.82
8.3%
91.5%
$0.85
19.7%
92.8%
$0.92
31.3%
93.5%
$1.08
7.9%
94.1%
-
$0.88
$1.03
6.6%
93.4%
-
$1.09
$1.13
$0.90
$1.24
-
96.5%
$1.31
2.1%
69.2%
$1.22
1.4%
$1.23
7.6%
23.1%
$1.27
3.3%
-
98.0%
-
-
95.9%
$1.16
-
-
-
-
-
-
44.3%
-
-
-
10.8%
-
-
-
-
-
-
-
-
-
-
-
-
-
$1.11
21.9%
94.5%
$1.36
5.0%
70.2%
$1.28
4.8%
$1.11
22.5%
94.6%
$1.34
5.4%
72.6%
$1.28
5.0%
-
# Properties: 158
# Properties: 205
# Properties: 44
# Properties: 119
# Properties: 30
# Properties: 29
# Units: 11,695
# Units: 27,795
# Units: 44,262
# Units: 11,101
# Units: 31,739
# Units: 7,617
# Units: 7,095
Page 8
-
-
# Properties: 88
Austin Investor Interests, LLC (877) APT-DATA
-
19.0%
15.2%
-
4.1%
-
17.3%
Copyright ©2014
ty
oun
lC
l
a
nd
nty
Ke
Co u
r
a
Be x
KR
BN
87
0
/
10
7
8
281
0
/
ì
2696
NB
Dominion
Dominion
Dominion
Dominion
Dominion
ì
Grey
Grey
Grey Forest
Forest
Forest
Hollywood
Park
Hollywood
Park
Hollywood Park
Park
Hollywood
Hollywood
Park
87
0
/
281
0
/
Shavano
Shavano
Shavano Park
Park
Park
NC2
Cibolo
Cibolo
Cibolo
Cibolo
Cibolo
471
81
0
/
Balcones
Heights
Balcones
Heights
Balcones Heights
Heights
Balcones
Balcones
Heights
151
'
(
NC
345
'
(
NE
NW
421
87
281
( /
'
0 /
0
35
10
7
8
90
7
8
0
/
181
0
410
C /
W
8
7
E
81
0536
/
90
0
/
87
37
(8
'
0
/
7
410
7
8
1604
SW
422
'
(
410
8
7
81
0
/
10
90
0
/
410
8
7
10
St.
Hedwig
St.
Hedwig
St. Hedwig
Hedwig
St.
St.
Hedwig
China
China
China Grove
Grove
Grove
SE
281 (
'
0
/
181
0
122 /
'
(
87
0
/
37
7
8
ì
1604
35
7
8
16
'
(
81
0
/
Somerset
Somerset
Somerset
Somerset
Somerset
181
0
/
SC
Elmendorf
Elmendorf
Elmendorf
Elmendorf
Elmendorf
ì
San Antonio MSA Submarket Map 2007
www.apartmenttrends.com
877-APT-DATA
Copyright 2007 DeskMap Systems, Inc.
8601 Ranch Road 2222 Building 1 Suite 200
Austin, TX 78730 (512) 346-9330 www.deskmap.com
281
0
/
37
8
7
Be
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W
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ils
ou
on
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un
ty
1604
Bex
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oun
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ty
sco
sa
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nty
SG
8 ì
7
1604
Kirby
Kirby
Kirby
Kirby
Kirby
117
35
7
8
ì
8
7
1518
ì
Lackland
AFB
Lackland
AFB
Lackland AFB
AFB
Lackland
Lackland
AFB
ì
Converse
Converse
Converse
Converse
Converse
78
Alamo Heights
Heights
Alamo
Heights
Alamo
Heights
Alamo
Heights
Alamo
Terrell
Hills
Terrell
Terrell Hills
Hills
Hills
Terrell
Terrell
Hills
Terrell
Hills
Olmos
Olmos
Olmos Park
Park
Park
San
San
San Antonio
Antonio
Antonio
ty
un
Co
ì
Windcrest
Windcrest
Windcrest
Windcrest
Windcrest
e
410
7
8
Universal
City
Universal
City
Universal City
City
Universal
Universal
City
Schertz
Schertz
Schertz
FNE
35
8
7
Castle
Castle
Castle Hills
Hills
Hills
Leon
Valley
Leon
Valley
Leon Valley
Valley
Leon
Leon
Valley
Live
Oak
Live
Oak
Live Oak
Oak
Live
Live
Oak
up
al
10
FW
218
'
(
NE2
7
NW28
ì
Selma
Selma
Selma
Selma
Selma
ad
Gu
Helotes
Helotes
Helotes
Helotes
Helotes
16
'
(
1604
ì
nty
ou
1604
Garden
Garden
Garden
Ridge
Ridge
Garden
Garden
Ridge
Ridge
Garden Ridge
Ridge
n ty
ou
FNC
rC
xa
Be
(
'
FNW
lC
ma
Co
Cross
Cross
Cross
Mountain
Mountain
Cross
Cross
Mountain
Mountain
Cross Mountain
Mountain

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