The 172-unit Costa Cadiz development is one of two San Antonio properties acquired by Axonic Properties.
The 172-unit Costa Cadiz development is one of two San Antonio properties acquired by Axonic Properties.

Axonic Properties has acquired two affordable housing properties in San Antonio. Sold by The NRP Group, the Costa portfolio represents Axonic’s first acquisition in Texas.

KeyBank Real Estate Capital provided $33.6 million in financing for the purchase.

“This expansion into Texas is exciting for Axonic Properties,” said Jonathan Shechtman, the firm’s founder and managing principal. “I hope these two properties are the first of many in Texas.”

Headquartered in New York City, the company is a value-oriented owner, operator, and asset manager of residential properties.

The portfolio consists of two garden-style low-income housing tax credit properties comprising 422 units: Costa Biscaya with 250 units on 12.4 acres and Costa Cadiz with 172 units on 9.2 acres. Both properties predominantly target residents earning 60% or less of the area median income (AMI), with approximately 6.8% of Costa Biscaya’s units and 3.5% of Costa Cadiz’s units set aside under the HOME Investment Partnership Program and capped at 50% of the AMI. Both properties will offer employment support services to residents.

Each property features a resort-style swimming pool, multiple playgrounds, access gates, detached garages, a clubhouse, a business center, a fitness center, and an activity center. Unit amenities include standard appliances, a pantry, a walk-in closet, a linen closet, a garden-style tub, ceiling fans, 9-foot ceilings, a built-in desk, full-size washer/dryer connections, and a patio or balcony. Both properties have central air conditioner units and forced air heating.

“We are pleased to continue our longstanding relationship with Axonic with this most recent bridge loan, particularly given KeyBank’s commitment to providing capital to help address the critical shortage of affordable housing in the U.S.,” said Alan Isenstadt, senior vice president and head of the New York City office for KeyBank’s Income Property Group, who structured the 24-month bridge loan priced at SOFR+180 basis points.