San Antonio

The Fountains of San Antonio Purchased by Metonic Real Estate Services

By Anca Gagiuc, Associate Editor

The Fountains of San Antonio multifamily complex has been acquired by Metonic Real Estate Services, an Omaha-based private investment management company. This is not the first property the investors purchased in Texas, the metro area of the city seeming really attractive to them. In February of this year, they became the owners of Sierra Ridge, a 230-unit apartment community located at 1401 Patricia Drive in North Central San Antonio.

“We are looking to expand our footprint in Texas,” said Brian Morrissey, managing principal of the firm. “The San Antonio market boasts excellent fundamentals and has yielded exceptional opportunities for our investors.”

The Fountains of San Antonio community was built in 1978. It holds 101 apartment units that encompass 103,190 square feet of buildings and grounds. Located at 8630 Fairhaven St. in Northwest San Antonio, it sits in close proximity to the Medical Center of San Antonio, with easy access to Interstate 10 and Loop 410. The occupancy of the apartment community is currently at 98 percent. The new owner intends to upgrade the exterior and interior of the property to attract new residents for the unoccupied percentage and increase retention among the current tenants.

Another Omaha-based firm, Seldin Co., assumed the management responsibilities at closing. Seldin specializes in property management, brokerage and development services and has been in the market since 1923. Currently, it manages more than 11,000 apartment units in Nebraska, Iowa, Oklahoma, South Dakota and Texas.

Metonic Real Estate Services has been in the market for almost a century, with a focus on discovering and creating value. Its strategy targets multifamily communities, office and retail properties, offering the full array of real estate services.

Photo credits: www.thefountains.seldin.com

Top Stories From Around The Web

The Fountains Of San Antonio Purchased By Metonic Real Estate Services
By Anca Gagiuc, Associate Editor The Fountains of San Antonio multifamily complex has been acquired by Metonic Real Estate Services, an Omaha-based private investment management company. This is not t…
Commercial Property Executive - June 18
Rosemont Olmos Park Apartments Sold For $22 Million
Steadfast Income REIT Inc. has bought three apartment complexes in Texas and Oklahoma for $62 million, including one in San Antonio.
San Antonio Business Journal - June 18
Titan Setting Up Retirement Complex In New Braunfels
Titan Development and LCS are jointly developing a new retirement home in New Braunfels called Titan Senior Living.
San Antonio Business Journal - June 18
Kohl’s Expanding Customer-service Operations In Texas
Kohl’s Department Stores will open a 1,500-employee customer service operations center in Dallas, Texas Gov. Rick Perry said Friday.
San Antonio Business Journal - June 18
Transaction Action: Firehouse Subs Joins Retail Line-up At City Base West
This special online feature details the real-estate sales, leases, new assignments and other deals that have recently taken place in San Antonio and other parts of Texas. Every week, we will post a ne…
San Antonio Business Journal - June 18
KB Home Buys 200 Acres For New Northwest San Antonio Community
KB Home, which has spent the last two years buying land to position itself in some of San Antonio’s leading residential submarkets, has acquired nearly 200 acres of land for a new community called C…
San Antonio Business Journal - June 18
San Antonio Retailers Open Up Shop At 1800 Broadway
Some new arrivals are putting the retail in the residential/retail mix that is the 1800 Broadway project.
San Antonio Business Journal - June 18
Golden Chick Hatches Plan For New San Antonio Restaurant
One of San Antonio’s latest Walmart Supercenters will soon have some company.
San Antonio Business Journal - June 18
Anna’s Linens To Open Tenth Store In San Antonio At Wonderland
The roster of national retailers at shopping center Wonderland of the Americas continues to grow.
San Antonio Business Journal - June 18
TODAY’S DEALS: Steadfast Adds Three Assets To Portfolio In $62M Acquisition
Rosemont Olmos Park Oklahoma City, San Antonio & Fort Worth, Texas—Steadfast Income REIT has acquired three apartment communities in separate transactions for an aggregate price of $62 million.
Multi-Housing News Online | Headline News - June 17