Miami real estate firm completes first purchase in growing city with 120 Ninth Street, pursuing additional Central Texas acquisitions
MIAMI, FL and SAN ANTONIO, TX (Nov. 1, 2021) – Commercial real estate firm Constellation Group closed its debut multifamily investment in downtown San Antonio and second in Central Texas this year. The Miami-based firm purchased 120 Ninth Street, a Class A 220-unit apartment community located directly on the famous San Antonio River Walk.
Constellation closed the 120 Ninth Street acquisition on Oct. 29, 2021. Financial details were not disclosed.
120 Ninth Street is one of the few apartment communities located directly on the River Walk. The recently completed property features modern interior design, premium finishes and an array of community amenities including an infinity-edge pool overlooking the river, a structured parking deck, outdoor courtyard with grilling stations, lounge seating and a firepit; electric bike rentals; a state-of-the-art fitness center; pet-friendly park and much more.
Constellation cited the community’s ideal proximity to downtown San Antonio employers and the City’s premier entertainment hub, The Pearl District, as a pivotal factor in the firm’s interest in 120 Ninth Street. The Pearl, a reimagined brewery that is now home to the award-winning Hotel Emma, is San Antonio’s prime culinary and cultural destination. The District and Broadway Corridor, which is experiencing significant commercial development and public improvements to make it more pedestrian-friendly, is fueling the ongoing resurgence of San Antonio’s historically overlooked downtown.
The 120 Ninth Street community is also immediately south of the I-35 and I-37 intersection, providing residents with an easy commute to all of San Antonio and Austin.
“We could not have asked for a better property to serve as the first San Antonio asset in our expanding multifamily portfolio,” Constellation Principal Eduardo Otaola said. “A newly built community in a downtown corridor that is experiencing a renaissance of new development, 120 Ninth Street is poised for strong leasing activity and rent growth throughout our investment horizon.”
Spencer Roy of Walker & Dunlop brokered the transaction. Scott Wadler, Michael Basinski and Matthew Nihan of Berkadia arranged the acquisition financing from CrossHarbor Capital Partners.
Constellation engaged ResProp, a tech-focused property management firm based in Austin, to oversee management and leasing of 120 Ninth Street.
Earlier this year, Constellation acquired the 259-unit Conley Apartments near Austin, Texas.
“We are firm believers in the broader area encompassing Austin and San Antonio, as evidenced by these two investments,” Constellation’s Director of Acquisitions, Alexander Peters said. “Both cities are booming and offer synergies, with San Antonio as a cost-effective alternative for renters and professionals alike.”
About Constellation Group:
Constellation Group is a commercial real estate investment firm based in Miami offering a family office approach to real estate investments. Specializing in multifamily, office and retail, Constellation seeks to execute on yield and return driven investment strategies. The firm operates with the mission to consistently generate safe and superior returns, while offering unparalleled fiduciary standards that provide a strong foundation for long-lasting generational wealth to its investors.
