All signs in San Antonio’s multifamily market have been pointing upward for the past several months now, and with no apparent evidence of stopping anytime soon, Stream Realty Partners is ready to dive right in.
The real estate firm, which has been particularly active in the city’s office and industrial market, has decided to add multifamily services to the mix in a move that will ultimately strengthen Stream’s San Antonio presence amid a recent flood of outside investors and developers.
Stream has hired Justin Cole as the senior associate of its San Antonio multifamily division, and he will be responsible for third-party management, service lines and investment sales to start.
While Cole said it was the dynamic market that drew Stream to the multifamily line, Jeff Patterson, the firm’s senior vice president of the company-wide multifamily division said it was also about getting the right experience.
“It wasn’t just about the market,” he told me in bringing Cole to the helm. “It was at the time when I was looking and it lined up to the long-term plan for Stream. Expanding in San Antonio was more about the person and less about the market.”
But that’s not to say the thriving multifamily segment didn’t factor into the decision. Since the start of the year, construction activity has been up, rents are increasing, vacancy is on a downward slope and investment money continues to bolster the market.
“We feel optimistic about the San Antonio market for multifamily, and this market allows us to continue our velocity in the investment sales business,” Patterson said. “The market continues to be strong, not only in San Antonio and not just in Texas, but across the U.S. for Stream Realty Partners.”
Historically, Stream has been successful with the office and industrial portions of their portfolio, which has led to the expansion into the multifamily market. Its San Antonio office has grown over the years to employee nearly 30 people and both manages and leases 3.5 million square feet.
By: Katie Burke, San Antonio Business Journal