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CBRE Represents Price Development Group in Sale of Broadstone Colonnade in San Antonio

25 Jan 2015, 12:08 am

By Anca Gagiuc, Associate Editor

Missouri-based Price Development Group sold The Broadstone Colonnade apartment complex, represented in a deal to an anonymous buyer by CBRE Capital Markets through Charles Cirar, Ryan Epstein and Michael Wardlaw.

The 282-unit, Class A multifamily asset is located at 4330 Spectrum One, and offers one-, two- and three-bedroom units, available in eight different floor plans. Sitting in northwest San Antonio, Broadstone Colonnade is close to employment centers, restaurants, retail and healthcare.

Apartment amenities include designer track lighting in the kitchens and dining rooms, private balconies and patios with extra storage, and glass-enclosed walk-in showers or oval garden tubs. Community amenities feature a swimming pool with fountain, a fitness center, a cabana area with grills and outdoor dining, an indoor basketball court and a cyber lounge with computer stations. Major renovations have been completed in the past two years, including new roofs, exterior paint, gutters and window screens.

RADCO Acquires, Rebrands Trails of Westlakes

19 Jan 2015, 5:24 am

By Anca Gagiuc, Associate Editor

The RADCO Cos., an Atlanta-based apartment investment and redevelopment company, announced the acquisition of a three-property multifamily portfolio that encompasses 916 units in Houston and San Antonio. The Trails of Westlakes residential complex in San Antonio consists of 336 units, and like the two Houston properties was foreclosed upon in 2011 by Fannie Mae.

Having financed the acquisitions with a combination of bridge loans and private equity, the transaction trio marks the entrance of RADCO into the state of Texas. In the past three-and-a-half years, the firm has raised about $125 million in private equity to fund its purchases; PCCP LLC and Oklahoma Fidelity Bank provided the debt.

The properties involved in the transaction were built between 1975 and 1984; because of their age, RADCO intends to invest more than $12 million in renovations and rebranding. Thus, Trails of Westlakes becomes City Trails Apartments.

The apartment community is located in western San Antonio at 1431 Cable Ranch Road, close to Loop 410, Loop 1604 and Highway 151. In close proximity are the South Texas Medical Center and the downtown area, as well as the industrial complex Port San Antonio, where about 12,000 employees work. Residents can choose from 208 one-bedroom units and 128 two-bedroom units, displayed under seven different floor plans. Amenities include two swimming pools with sundecks, a picnic area with grills, laundry facilities and gated access.

Photo courtesy of Google Maps.

DNA Partners Trades Highpoint Towers

12 Jan 2015, 9:53 pm

By Anca Gagiuc, Associate Editor

Highpoint Towers, one of San Antonio’s largest office properties, is under new ownership. HFF L.P. represented seller DNA Partners in the sale of the two 11-story office towers for an undisclosed price.

Highpoint Towers comprises 301,118 square feet and sits on a 13.1-acre lot in the Northwest office submarket, adjacent to the south Texas Medical Center at 8401 and 8515 Datapoint Drive. The location is accessible from Interstate 10, Loop 410 and Loop 1604. A suite of hotels in the vicinity includes La Quinta, Candlewood Suites, Best Western, Budget Suites and Knights Inn.

The property was built in 1983 and renovated in 2010. The new owner plans another round of renovations, including upgrading the lobbies, exterior aesthetics, elevators and bathrooms.

The HFF team that managed the sale was led by managing director John Taylor, associate director Kelsey Roop and real estate analysts Patrick McCord and Ryan McBride. “We are excited that, by selling the last office property in DNA Partners’ portfolio, it will provide them the opportunity to focus on continuing to grow an already well-established ‘pure’ retail portfolio,” Taylor said. “In addition, this is a great opportunity for a new strong office operator to enter the San Antonio market and create significant new value on one of the largest office properties in the market.”

Photo courtesy of DNA Partners

Presidium Group Acquires San Antonio’s Cenizo Flats with Loan Provided by Greystone

22 Dec 2014, 3:40 pm

By Anca Gagiuc, Associate Editor

Cenizo Flats, an apartment complex located on the North Central Side of San Antonio, has new ownership. The acquisition was financed with a $15.1 million bridge loan provided by Greystone. JD Stettin of Chicago originated the transaction.

Borrower Presidium Group will try to pursue long-term HUD financing through Greystone, since the interest-only bridge loan carries a two-year term.

“Greystone’s ‘one-stop shop’ offering of bridge financing leading up to a permanent HUD loan perfectly complements our existing acquisitions strategy, and their execution is second to none,” said John Griggs, Co-CEO of Presidium Group.

Cenizo Flats is a garden-style apartment community built in 2000 and comprising 150 units. Residents have access to fitness amenities and green space.

“Presidium is keen to take advantage of the ample multifamily acquisition opportunities in Texas, and Greystone’s bridge-to-HUD offering — which provides interest-only interim financing while securing a long-term, low-rate loan — is well suited to their strategy,” said Stettin. “After three successful transactions to date with Presidium, we look forward to continuing to build our relationship as their real estate finance needs change and grow.”

Presidium Group has acquired more than 1,650 apartment units in Texas during the months of November and December. The portfolio exceeds $75 million. Besides Cenizo Flats, Presidium purchased 3737 Hillcroft Apartments, a 381-unit complex in Houston; Colonial Woods, a 112-unit complex in Houston; Plaza on Harvest Hill, a 404-unit complex in Dallas; and Spring Hill Apartments, a 606-unit complex in Dallas.

The new owner will rebrand the properties in the following months; furthermore, Presidium will renovate interiors and upgrade resident amenities and common areas.

“These five acquisitions are consistent with our strategy to invest in well-located properties in Texas’ major metropolitan markets,” said Presidium co-CEO Cross Moceri. “While Texas is experiencing an aggressive real estate market, Presidium has been successful in securing deals by leveraging its strong reputation for quality property management and leadership in innovative, sustainable technologies.”

Stream Realty Assumes Leasing for Rosemont Realty’s San Antonio Portfolio

15 Dec 2014, 10:08 pm

By Anca Gagiuc, Associate Editor

Stream Realty Partners has won responsibility for leasing the entire San Antonio office portfolio of Rosemont Realty. The company was already handling leasing for Rosemont’s The Century Building, which it took on in the third quarter of 2013.

The Rosemont portfolio includes four properties totaling 739,187 square feet of office space:

  • The Century Building, located at 85 NE Loop 410 and totaling 187,718 square feet;
  • One International Centre, located at 100 NE Loop 410 and totaling 301,169 square feet;
  • One Thousand Oaks, located at 16414 San Pedro Ave. and totaling 140,980 square feet; and
  • Greenway Park, located at 2455 NE Loop 410 and totaling 109,320 square feet.

“We couldn’t be more excited about this newest opportunity with Rosemont Realty,” said Jason Schnittger, managing director at Stream Realty. “After a year working with Rosemont on The Century Building and adding over 50,000 square feet of new tenants, they felt that Stream could bring the same hustle and success to the remainder of the San Antonio portfolio.”

Leasing will be handled by Schnittger, Ryan Harrison and Colby Vanham.

“Each of these impressive properties is perfectly located to service San Antonio’s growing office demand,” said Harrison, managing director at Stream. “With easy access to downtown and San Antonio International Airport, as well as services and destinations throughout the city, these properties will continue to bring in tenants in need of first-class amenities, easy access and outstanding visibility.”

Stream Realty Partners L.P. leases and manages more than 111 million square feet of commercial buildings throughout the nation and completes more than $1.6 billion in real estate transactions annually.

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