Ascentris sells class A multifamily property in San Antonio

Denver-based real estate private equity firm Ascentris has sold a class A multifamily property in Downtown San Antonio.

The 229-unit property, known as Southtown Flats, is located along the San Antonio River Walk and in the Southtown neighborhood, which is defined by the Historic King William District, Blue Start Arts Complex, thriving art scene, and eclectic restaurants, bars and coffee shops.

Recognizing the growth potential of the trendy Southtown neighborhood, Ascentris developed Southtown Flats in 2016 and managed the property for five years before marketing it for sale in 2021.

During the holding period, Ascentris installed a comprehensive, market-leading smart home package featuring integrated smart access control and thermostats, added a business center resident amenity, and upgraded the common area rooftop and courtyard amenities. As a result, Southtown Flats consistently outperformed its competitive set.

“Southtown Flats demonstrated great res