• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Home
    • Editorial Independence Policy
    • Corrections & Clarifications
  • Who we are
  • About us
  • Our Business Supporters

San Antonio Heron

Telling the complete downtown story

  • Development
  • Housing
  • Neighborhoods
  • Food & Drink

Augusta Flats, Jones & Rio apartment buildings in River North sold to Northeast group

January 7, 2022 By Richard Webner 2 Comments

FacebookTweetPrintEmail
Augusta Flats apartment homes in downtown San Antonio, Texas, on Jan. 6, 2022.
Augusta Flats opened last year at 714 McCullough Ave.
By Kaylee Greenlee Beal | @kgreenleephoto | Heron contributor

A partnership between two investment firms from the Northeast has purchased the Augusta Flats and Jones & Rio apartment buildings—two of the largest residential developments to be built in north downtown in recent years.

Two shell companies linked to New York City-based Benefit Street Partners and Lakewood, New Jersey-based Strategic Properties of North America bought the complexes the week before Christmas, county property records show.

Both of the complexes had still been owned by the Dallas-based firms that had built them: Jones & Rio, with 191 units, was built by Alamo Manhattan in 2017, while Augusta Flats, with 260 units, was completed by Stillwater Capital last year.

[ Archive: McCullough Avenue apartments get the green light | Sept. 22, 2018 ]

The purchase prices were undisclosed, but the partnership took out a loan of $47.4 million to buy Augusta Flats and $36.8 million to buy Jones & Rio, which is on the River Walk, the records show.

Representatives of Benefit Street Partners and Strategic Properties did not respond to requests for comment.

Jones & Rio apartment homes in downtown San Antonio, Texas, on Jan. 6, 2022.
Jones & Rio opened at 111 W. Jones Ave., on the Museum Reach segment of the River Walk, in 2017.
By Kaylee Greenlee Beal | @kgreenleephoto | Heron contributor

Both of the complexes were built with incentives from the city’s Center City Housing Incentive Program. The city granted Stillwater Capital a package worth an estimated $2.8 million in 2019 over 15 years, while Alamo Manhattan received an estimated $4.4 million package in 2015 over 15 years. The city ended the policy last year, but still awards subsidy packages for downtown-area projects on a case-by-case basis and with City Council approval.

[ Related: “Olivo: How McKee-Rodriguez’s support for a luxury housing project helps shape the Decade of Downtown” | Dec. 2, 2021 ]

The complexes are in a fast-growing area of downtown around the Museum Reach stretch of the River Walk, in an area also known as River North, a short commute from popular draws such as the San Antonio Museum of Art, the Tobin Center for the Performing Arts, as well as the Pearl.

Another high-end apartment complex nearby changed hands in November. Constellation Group, a commercial real estate firm from Miami, purchased the 120 Ninth Street apartment building on the River Walk, across from the Paramour nightclub, from SC Bodner Company of Indianapolis. The purchase price was not disclosed, but the Bexar Appraisal District assessed the property at $42 million last year. For 120 Ninth Street, SC Bodner Company received a CCHIP incentive worth an estimated $4 million over 15 years.

Richard Webner is a freelance journalist covering Austin and San Antonio, and a former San Antonio Express-News business reporter. Follow him at @RWebner on Twitter


Contact the Heron at hello@saheron.com | @sanantonioheron on Twitter | Facebook

FacebookTweetPrintEmail

Filed Under: Center City Housing Incentive Policy, City of San Antonio, Housing, Museum Reach, River North, River Walk, Transactions Tagged With: 120 Ninth Street, Alamo Manhattan, Augusta Flats, Benefit Street Partners, Constellation Group, Jones & Rio, Museum Reach, Pearl, River North, River Walk, San Antonio Museum of Art, SC Bodner Company, Stillwater Capital, Strategic Properties of North America, Tobin Center for the Performing Arts

Reader Interactions

Comments

  1. D says

    September 8, 2022 at 10:08 am

    The groups that bought these apartment complexes have neglected them and have run them into the ground. These could have been amazing places to live but instead have turned into dumps. I live in Augusta Flats and amenities never got finished and the maintenance staff have all quit from bad management. They are offering big discounts to rent and don’t verify income qualifications. This has brought in thugs and gang members into the community.

    Reply

Trackbacks

  1. Rising rents, high occupancies signal 'Decade of Downtown' in San Antonio has worked, developers say - San Antonio Heron says:
    February 4, 2022 at 11:20 am

    […] Museum Reach, and Stillwater Capital (Dallas), which built the Augusta Flats on McCullough Avenue, sold their apartments to a partnership led by a subsidiary of global investment firm Franklin Templeton Investments. Two […]

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Primary Sidebar

Share

  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Deep Dives

How municipal bonds work, and a brief history of them in San Antonio

Olivo: How McKee-Rodriguez’s support for a luxury housing project helps shape the Decade of Downtown

The Lofts at River North are under construction at Broadway and Jones Avenue in July.

Analysis: It’s time to call BS on ‘workforce housing’

Copyright © 2023 San Antonio Heron · Site maintained by hmt3design.com

Share this ArticleLike this article? Email it to a friend!

Email sent!