CBRE IM Divests San Antonio Community
Newmark arranged the off-market sale.
Newmark has arranged the off-market sale of the 612-unit Signature Ridge community in San Antonio, Texas, marking the fourth time the project has changed hands. Yardi Matrix data identified the seller as CBRE Investment Management and the buyer as Kairoi Residential.
Built in 2003, Signature Ridge offers one-, two- and three-bedroom units ranging from 635 to 1,342 square feet. The units were built with washer and dryer units. Amenities include a clubhouse with full kitchen and lounge area, picnic area with barbecue grills, business center, two pools and valet trash service.
The previous ownership executed some renovations to the community’s amenities, including at the clubhouse and fitness center, as well as other interior amenities. The renovations also included improving 246 units, according to Newmark. The community is currently 93 percent occupied, but has upgrade potential for both its interior and exterior amenities.
Newmark’s Patton Jones, Matt Michelson and Andrew Dickson represented the seller, while Braden Harmon and Hank Glasgow, also of the firm, arranged acquisition debt financing for the buyer.
Located at 3711 Medical Drive, Signature Ridge is adjacent to the South Texas Medical Center. The community is also well-located in the South Texas Medical Center/USAA employment hub that represents the city’s largest employment base which includes Hulu, Amazon and Valero Energy.
Austin high-rise in progress
For San Antonio-based Kairoi Residential, the Signature Ridge acquisition offered an opportunity to expand its multifamily portfolio in its own backyard. Elsewhere in Texas, Kairoi Residential has partnered with Lincoln Property Co. to develop a 74-story mixed-use project in downtown Austin. That project is expected to be complete in late 2026.
The company has transacted on more than $9.7 billion worth of projects across 65,000 units in the U.S. since 2003. Previously, Kairoi Residential developed the 277-unit Edison at Rino in Denver in February 2019. The company also has $3.9 billion worth of projects in its development pipeline.