Also, unlike some areas of the country facing declining rents, San Antonio continues to see rising rents. In our Sedona asset, we are still seeing rents rise 4-5% on an annualized basis.

Despite this promising outlook, San Antonio is seeing very few transactions in multi-family, with volume down 60% year-over-year. Of those deals that closed, the average price per unit was $152K, which is up 12% YOY. The only deals happening are distressed opportunities like The Regatta, which we are currently raising capital for and plan on closing by the end of the month. We believe we are acquiring a gem (in need of TLC) for a steep discount at $100k per door.