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earlmark and OTH Capital have made a last-minute commercial real estate deal, acquiring the 228-unit apartment complex at 1800 Broadway in San Antonio. The joint venture's second acquisition was arranged by Institutional Property Advisors and financed with a $31.8 million loan from Prime Finance. The property, valued at $41 million, comes out to about $140,000 per unit.

    The two-building property features fully leased retail space, a pool, fitness center, business center, and dog park. It's located in the historic Pearl District, a mixed-use destination built on the site of an old brewery. Oxbow Development Group is planning an expansion of the district with hundreds of apartments, a hotel, and 70,000 square feet of retail.

    Pearlmark recently closed its sixth mezzanine fund, which has over $300 million in commitments. The firm's latest fund will likely provide loan sizes ranging from $5 million to $50 million. Industry experts are hopeful that this week's interest rate reduction will make financing more available for investment sales like this one. With average monthly rent in San Antonio dropping 2 percent since last year, investors can lock in low prices and secure assets ahead of the next rent price cycle.