ARA Newmark Closes Sale of San Antonio Community
The 320-unit Grand at the Dominion is located in northwest San Antonio and was 94 percent leased at the time of the transaction. The asset was acquired by Bluerock Real Estate.
By Anca Gagiuc
ARA Newmark closed the sale of Grand at the Dominion, a 320-unit core multifamily asset in northwest San Antonio. At the time of the transaction, the property was 94 percent leased. New York-based Bluerock Real Estate LLC acquired the community for an undisclosed amount. Vice Chairman Pat Jones represented the seller, Embrey Partners, in the deal.
Completed in 2016, the 16-building community occupies more than 21 acres at 23910 West Interstate 10. The location is near the University of Texas San Antonio campus, La Cantera District, South Texas Medical Center and the headquarters for Valero, Medtronic, NuStar, KCI and USAA. The unit mix includes one- to three-bedroom floorplans ranging in size from 694 to 1,304 square feet.
Common area amenities include a fitness center, business center, clubhouse, swimming pool with cabanas, trellis-covered outdoor fireplace, indoor golf simulator and yoga studio. Unit interiors feature washer and dryers in select units, high ceilings, private balconies/patios, covered parking and outside storage.
“ARA procured an off market buyer as Grand at the Dominion was progressing through late stage lease-up. Embrey’s long track record of building high quality properties and Bluerock’s experience and capability as a buyer proved to be an excellent match that facilitated this preemptive transaction. The buyer was attracted to Embrey’s high quality construction and finish out, as well as the surrounding area’s exceptional demographics and proximity to major employment hubs and retail,” Jones told Multi-Housing News.
Image courtesy of ARA Newmark