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Artessa at Quarry Village Acquired by Intercontinental Real Estate

4 Mar 2015, 2:26 pm

By Anca Gagiuc, Associate Editor

Intercontinental Real Estate Corp., headquartered in Boston, announced the acquisition of Artessa at Quarry Village in San Antonio. The acquisition of the luxury mixed-use retail and apartment property was led by Senior Director of Acquisitions Steve Centrella and Associate Director of Acquisitions Chris LaFrance.

The transaction was originated by Brian Sykes,senior vice president with Capital One, the company that provided Intercontinental RE with a $63.3 million fixed-rate Freddie Mac loan with a 10-year term at 2.02 percent, 10 years interest and 9.75 years defeasance.

Artessa at Quarry Village is a Class A apartment community completed in 2009 and featuring 280 units. It includes 70,692 square feet of retail space in 27 suites on the ground floor. Located at 300 E. Basse, the property sits in Alamo Heights, only six miles from downtown San Antonio, easily accessible via Highway 281, the Interstate 410 “Loop” and Interstate 10.

The property offers 23 floor plans of one-, two- and three-bedroom apartments, featuring large private terraces or balconies, walk-in closets, double vanities, crown molding, wood flooring and granite countertops. Community amenities include a bocce ball court, four courtyards, two resort-style pools, a dining room, outdoor grills, wine-tasting rooms with private wine lockers, a parking garage and Wi-Fi surround in all common areas.

Kennedy Wilson Announces Sale of Historic Aztec Theatre in San Antonio

24 Feb 2015, 9:50 pm

By Anca Gagiuc, Associate Editor

The vertically integrated global real estate investment and services firm Kennedy Wilson, headquartered in Beverly Hills, Calif., recently announced the sale of the historic mixed-use Aztec Theatre in San Antonio.

Suzanne Havekost, managing director of Kennedy Wilson’s San Antonio brokerage group, represented buyer Aztec Family Group L.L.C. and seller Aztec Project Development Ltd. The price of the transaction remains undisclosed.

“The revitalization of San Antonio’s Central Business District continues to see growth and activity as more and more people are moving into the downtown area for its vibrant retail and entertainment,” said Havekost. “This particular building is leading the charge. This wasn’t a typical building sale; it truly marks the next chapter in San Antonio’s future.”

The building, developed in 1926, is located at 201 E. Commerce St., in a key downtown area that takes full advantage of urban redevelopment. Over the years, it has undergone restoration and renovation work valued at more than $20 million, first in 1998 when Belgian Baron Theodore Bracht of Aztec Development Ltd. acquired the property and invested $20 million in restoration. In 2013, the current tenant and now owner of the property, Sam Pancheve of the Aztec Family Group, invested several million to double the seating capacity and upgrade the space to accommodate various live music entertainment acts.

The historic property houses the Iron Cactus Mexican Grill & Margarita Bar, but also has 30,000 square feet of available office space, which can easily convert for hotel or multifamily use. There is also another 15,000 square feet of retail space available.

Presidium Group Acquires The Landmark at Medical Center

16 Feb 2015, 6:24 am

By Anca Gagiuc, Associate Editor

Dallas-headquartered Presidium Group LLC made its first acquisition of 2015, purchasing The Landmark residential complex, located near San Antonio’s Medical Center. The purchase brought Presidium’s apartment ownership and operation in the San Antonio area above 2,000 units.

The Landmark offers 426 units with one and two bedrooms ranging in size from 600 to 982 square feet, and even though the community was built in 1984, it is in excellent condition. However, Presidium intends to invest in medium upgrades to the interior and exterior of the property, as well as rebranding to The Branch at Medical Center.

Current community amenities feature three swimming pools (one indoor and two outdoor), a 3,000-square-foot fitness center, a laundry facility, a picnic area and a volleyball court. Apartment amenities include vaulted ceilings, walk-in closets, intrusion alarms, and fireplaces in some of the units.

Interior works will include resurfacing the countertops, replacing appliances, resurfacing the tub and shower tiles and new paint schemes. Exterior upgrades will consist of modernizing the leasing center and landscaping the property.

Photos courtesy of Presidium Group.

LGI Homes Acquires Parcel No. 3 of Luckey Ranch Master-Planned Community

9 Feb 2015, 4:25 pm

By Anca Gagiuc, Associate Editor

Texas-based housing development builder LGI Homes acquired 239 acres of residential land at the Luckey Ranch master-planned community in San Antonio. The seller was Kalikow Group, on behalf of KEP Luckey Ranch Global Associates, and the sale price remains undisclosed.

Luckey Ranch is a 610-acre development planned to offer 2,400 homes to the region. Additionally, the project includes 71 acres zoned for commercial use, currently marketed for sale and/or development. The property is located at Loop 1604 North and Highway 90, west of downtown San Antonio.

This is LGI’s third parcel acquisition at the Luckey Ranch site. In 2011, the company purchased its first 93-acre residential land parcel, and in 2013 it added another 208 acres.

Kalikow Group has been the owner of Luckey Ranch since 2007. CEO Ed Kalikow stated says the company is looking for more investment opportunities in San Antonio and throughout the Southwest due to the area’s job growth and stable housing market.

Photo courtesy of LGI Homes.

CBRE Sells Legacy Heights Apartments to Cottonwood Residential

2 Feb 2015, 3:38 pm

By Anca Gagiuc, Associate Editor

The multifamily team of CBRE Capital Markets has sold Legacy Heights, a 258,206-square-foot multifamily property at 1320 Austin Highway. The new owner is Cottonwood Residential of Salt Lake City.

Legacy Heights is a Class A community built in 2009 by Embrey Partners. It sits on 22.47 acres and offers 306 one-, two- and three-bedroom units in a combination of nine contemporary floor plans. Ryan Epstein, executive vice president with CBRE, sees opportunities for interior upgrades to make it more competitive with new developments along the highway.

Community amenities include barbecues, controlled-access gates, a clubhouse with a game room, a fitness center, a playground, a resort-style swimming pool, a dog park and professionally landscaped parking. Apartment amenities feature nine-foot’ ceilings with crown molding, designer lighting fixtures and carpeting, garden tubs, kitchen pantries, private patios or balconies, walk-in showers and spacious closets.

Charles Cirar, Ryan Epstein and Michael Wardlaw of CBRE represented the seller.

Photos courtesy of CBRE and Legacy Heights

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