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Hospitality Management Corp. Takes On Four More Hotels in Texas

1 Sep 2015, 2:41 pm

By Anca Gagiuc, Associate Editor

HMC Super 8 hotels

HMC Super 8 hotels

Dallas-based provider of management solutions and hospitality industry services Hospitality Management Corp. (HMC) announced the recent expansion of their portfolio. Leo Springs, president & CEO of HMC, revealed in a prepared statement that the company added four hotels under their management umbrella.

The company acquired four Super 8 hotels in Cotulla, Texas, Dilley, Texas, Karnes City, Texas and Stanton, Texas, which service the Eagle Ford and Permian Basin and Texas Oil & Shale development areas.

“We’re pleased to add numerous hotels to our portfolio of managed hotel properties.  HMC realizes the importance of providing excellent hospitality to not only the constantly shifting workers within our Texas oil and gas shale/play footprint, but to maintain lasting relationships with our vacation & business travelers, as well.  Working hand-in-hand with an established hotel brand like Wyndham will achieve the goal of creating the best experience for our guests and our employees,” said Del Robinette, director of sales & marketing at HMC.

The four properties offer a wide array of amenities, including complimentary breakfast, fitness center, free Wi-Fi, business center, swimming pool & hot tub, and free parking.

Canadian REIT Expands Portfolio with $51M Buy

31 Aug 2015, 2:59 pm

By Anca Gagiuc, Associate Editor

Brackenridge at Midtown

Brackenridge at Midtown

Pure Multi-Family REIT LP wants a piece of midtown San Antonio. The company announced it has entered an agreement to acquire Brackenridge at Midtown, a multifamily apartment community with a $51 million price tag.

Brackenridge was built in 2014 and offers 282 luxury residential units averaging 852 square feet. Located just east of Broadway on Brackenridge Avenue, the community is within the same submarket as The Pearl—a commercial area with plenty of nightlife, restaurants, and retail. Major employers have offices within a 2-mile radius including Fort Sam Houston, University of the Incarnate Word, Trinity University, and Downtown San Antonio. HEB, Whataburger, Rackspace, and Zachry Construction have their headquarters in near proximity.

The acquisition of the community is subjected to the satisfaction of the customary conditions precedent and will close on September 30. Pure Multi intends to fund the transaction with proceeds from its bought deal financing which closed on May 8, 2015, proceeds from the previously announced sale of Oakchase Apartment Homes (will close on September 2, 2015), and new first mortgage financing for $30.6 million with a fixed interest rate of 3.72 percent per annum for a term of 12 years. The purchase price represents a stabilized going-in capitalization rate of 5.60 percent.

“We are very excited to add the Brackenridge at Midtown to our existing portfolio. The acquisition increases our exposure in San Antonio, a strong and growing market.  The newly constructed Brackenridge asset will bring the average year of construction of our portfolio to 2002, which reflects our strategy of continuing to high-grade our portfolio.  By selling one of our oldest assets, Oakchase Apartment Homes (built in 1984) at a 5.80 percent capitalization rate, and using the proceeds on a tax-deferred basis by way of the 1031 like-kind exchange program to acquire a brand-new asset at a 5.60 percent capitalization rate, we continue to create unitholder value organically through strategic upgrading of our portfolio,” said Steve Evans, CEO of Pure Multi.

JLL Sells Value-Added Asset

31 Aug 2015, 2:00 pm

By Anca Gagiuc, Associate Editor

Silver Rock Apartments

Silver Rock Apartments

Where there is room to add value, investors will seize the opportunity. Full-service global provider of capital solutions JLL Capital Markets  recently closed the sale of Silver Rock Apartments, a 328-unit apartment community located in northwest San Antonio.

Managing Director Scott LaMontagne and Senior Vice President Moses Siller led the JLL team representing the seller, Harbor Group International. California-based Regional Investment & Management is the new owner of the Class A apartment community. The financial aspects of the transaction have not been disclosed.

“Silver Rock Apartments is strategically positioned near San Antonio’s largest employment center, high-end retail and restaurants, and medical industry leaders,” said LaMontagne. “Combined with the value-added opportunity and strong return rate, Silver Rock Apartments is a great long-term investment.”

The ranch-style community was built in 1996 and 1997 and offers one-, two-, and three-bedroom apartments among resort-like amenities including a 24-hour fitness center, pool and spa, picnic area, and club room. Planned luxury amenities for the units include hardwood floors, upgraded appliances, track lighting kits, and washer and dryer upgrades.

To San Antonio Through New Braunfels

26 Aug 2015, 7:41 pm

By Anca Gagiuc, Associate Editor

Avenues at Creekside

Avenues at Creekside

Atlanta-based property investment firm Preferred Apartment Communities made its debut in the San Antonio multifamily market. The firm acquired Avenues at Creekside in New Braunfels, Texas from Western Rim Property Services without disclosing the terms of the deal.

Avenues at Creekside is a 395-unit apartment community built in 2013 on 61 acres at 625 Creekside Way in the Outer Comal County submarket. Preferred Apartment Communities assumed a first mortgage loan from Fannie Mae to finance the transaction. Residents can choose from one-, two-, three-, and four-bedroom floor plans ranging in size from 608 square feet to 1,910 square feet.

Community amenities include a resort-style 150-foot swimming pool and tanning deck, outdoor fireplace and grills, central park and splash park, walking and jogging trail, fitness center, clubroom, game room, business center, and concierge services. Apartment amenities feature granite countertops, hardwood style flooring, garden Jacuzzi tubs, walk-in pantries, environmentally friendly programmable thermostats and energy-efficient Celbar® insulation, reflective roof, and double-pane windows.

Image courtesy of Avenues at Creekside.

Park at Walker’s Ranch Fully Subscribed by Investors

25 Aug 2015, 3:28 pm

By Anca Gagiuc, Associate Editor

Park at Walker's Ranch

Park at Walker’s Ranch

San Antonio ranks as a top market for job growth and a magnet for Millennials. With this in mind, Keith Lampi, president & COO of Inland Private Capital Corp. (IPCC) announced that the private investment offering of the San Antonio Multifamily II DST, an IPCC-sponsored Delaware statutory trust, has been fully subscribed by investors, raising over $14.1 million in capital.

The San Antonio DST holds the 300-unit Park at Walker’s Ranch. The property is located at 14555 Blanco Road, approximately 2.5 miles northwest of the San Antonio International Airport, and has easy access to the area’s major employers, as well as shopping and recreational facilities.

The multifamily community was built in 1994. It offers 25 two-story, garden-style townhome apartment buildings and a clubhouse with leasing center and fitness center. Community amenities include a barbecue area, swimming pool, sundeck, and a lounge. Apartment amenities feature nine-foot ceilings with crown molding, open floor plans, private patios or balconies, and gourmet kitchens.

“This multifamily asset presented a unique opportunity to realize a value-add vision by implementing a renovation program to strengthen the property’s competitive position in the San Antonio market,” said Lampi. “Over the next three years, the San Antonio DST plans to complete unit improvements as well as enhance the common areas of the property.”

Image courtesy of Park at Walker’s Ranch

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