By Anca Gagiuc, Associate Editor
After a period of silence, San Antonio’s investment market seems to be making a comeback, catching the eye of institutional investors. The Park at West Avenue residential community in the North Central submarket is one of the latest attractions to change ownership.
The multifamily complex has been sold by Embrey Partners Ltd. to Canadian-based Pure Multi-Family REIT LP for $54.3 million. HFF marketed the asset on behalf of the seller and assisted the buyer in securing a $36.5 million, 15-year loan at 4.02 percent interest rate per annum through a national life insurance company; the loan will be serviced by HFF. The purchase price represents a stabilized going-in capitalization rate of 5.75 percent.
The investment sales team was led by senior managing directors Sean Sorrell, Todd Stewart and Todd Marix and director Matt Pohl. The debt placement team was led by senior managing director John Brownlee, director Robert Wooten and associate director Michael Cosby.
Park at West Avenue is a gated community built in 2014 by Embrey on 29 acres at 12803 West Ave. near Highway 281, Loop 410 and Wurzbach Parkway. Ideally located near San Antonio’s submarkets of Hill Country Village and Church Hill Estates, the luxury property totals 360 units, of which 82 are two-story townhomes with two-car garages and the remaining 278 are luxury flats. Apartment amenities include garden tubs, vaulted ceilings and balconies, while the community offers a business center, a fitness center, a dog park, courtyards with barbecue areas, an indoor and outdoor aqua lounge and a clubhouse.
Image courtesy of Embrey