Why Investors Are Watching Casoro and Aviator in the San Antonio Multifamily Market

San Antonio has quietly become one of the most compelling multifamily investment markets in Texas—and experienced investors are taking notice. As population growth, job creation, and long-term housing demand converge, disciplined operators like Casoro Group are leaning into opportunities that reward patience, underwriting rigor, and local market insight.

One such example is Aviator at Brooks, Casoro’s multifamily investment in San Antonio, which reflects a broader strategy: acquire and operate workforce-oriented housing in resilient submarkets with durable demand drivers.

For investors seeking clarity amid shifting market cycles, San Antonio offers a case study in why fundamentals still matter.

San Antonio’s Multifamily Fundamentals Remain Intact

Despite short-term volatility across U.S. real estate markets, San Antonio’s long-term outlook remains anchored by strong economic and demographic trends.

The San Antonio MSA is home to approximately 2.77 million residents, supported by a diversified economy that includes cybersecurity, advanced manufacturing, healthcare, logistics, and defense. Major employers such as USAA, H-E-B, Valero, Toyota, Boeing, and Microsoft continue to expand their footprint, reinforcing job stability and household formation .

Between 2010 and 2023, San Antonio’s real GDP grew from $93 billion to $150 billion, representing a 3.74% compound annual growth rate—a meaningful indicator of sustained economic expansion rather than speculative growth.

For multifamily investors, this matters because job growth and population inflows are the foundation of long-term rental demand.

Supply, Demand, and the Reset Opportunity

Like many Sunbelt markets, San Antonio experienced a post-pandemic surge in multifamily construction. However, the data suggests the market is already moving through a normalization phase.

In 2025, demand is estimated at ~9,000 units, exceeding new supply by approximately 1,000 units. From 2026 to 2030, demand and supply are projected to remain closely aligned, averaging roughly 4,000 units of demand versus 3,500 units of supply annually—a healthy equilibrium for operators focused on stabilized cash flow rather than rent speculation .

Construction activity has also cooled materially. Unit starts fell from a peak of ~13,000 units in 2022 to just 649 units in 2025, while units under construction declined from ~19,000 to ~6,000 over the same period. This pullback reduces future supply pressure and improves visibility for existing assets like Aviator .

Why Casoro Focuses on Assets Like Aviator

Casoro’s approach to multifamily investing is intentionally conservative. Rather than chasing peak pricing or speculative rent growth, Casoro prioritizes:

·      Submarkets with durable employment drivers

·      Workforce and attainable housing segments

·      Operational upside through disciplined management

·      Downside protection across market cycles

Aviator exemplifies this philosophy. Positioned within the San Antonio MSA, the asset benefits from steady renter demand tied to employment growth, while avoiding the oversupply risks concentrated in luxury urban cores.

This strategy aligns with Casoro’s belief that long-term value creation in multifamily comes from operational excellence and market selection, not short-term market timing.

Pricing Trends Signal a Window for Long-Term Investors

Transaction data further reinforces why experienced investors are re-engaging with San Antonio.

Multifamily pricing peaked in 2023 at approximately $166,000 per unit before adjusting downward to around $156,000 per unit. In Bexar County specifically, prices have continued to rise modestly, increasing from $135,000 per unit in 2024 to $149,000 per unit in 2025, reflecting the relative strength of well-located assets .

For investors, this environment presents a more balanced entry point—one where underwriting discipline, not momentum, drives returns.

What This Means for Multifamily Investors

For investors evaluating opportunities like Aviator, San Antonio offers several advantages:

·      Slower but steadier rent growth projected to turn positive by 2027

·      Occupancy recovery expected to stabilize above 93% over the long term

·      Reduced new supply following a sharp construction slowdown

·      A diversified local economy less exposed to single-industry shocks

Casoro’s focus is not on betting against cycles, but on structuring investments that can perform through them.

Looking Ahead

Markets move in cycles, but fundamentals endure. San Antonio’s multifamily market—supported by population growth, job creation, and supply discipline—is entering a phase where experienced operators and patient investors can find durable value.

Assets like Aviator, backed by Casoro’s operational approach, reflect a broader conviction: that well-located, well-managed multifamily housing remains a cornerstone of long-term real estate portfolios.

For investors seeking thoughtful exposure to the Texas multifamily market, San Antonio deserves a closer look.