Electra America, American Landmark Purchase San Antonio Community
The new owner rebranded the 306-unit property as Alon at Castle Hills and assumed the existing $24 million Fannie Mae financing.
Provident Realty Advisors has sold their last San Antonio community, the 306-unit Alon at Castle Hills. Electra America, in partnership with American Landmark, purchased the asset previously known as Manor at Castle Hills, with the latter company providing property management services.
According to Yardi Matrix information, the buyers assumed the existing $24 million, 10-year Fannie Mae financing. Arbor Commercial Funding originated the loan in 2017, which has a fixed interest rate of 4.5 percent.
Located at 1835 Lockhill-Selma Road, the gated community comprises one-, two- and three-bedroom apartments in 15 two- and three-story buildings spread across a 13.7-acre site. Common-area amenities include a fitness center, pool, spa and business center.
Situated in a dense residential area with plenty of dining and retail options nearby, the asset is close to major roads such as interstates 10 and 410. San Antonio International Airport is less than 5 miles from the community, while downtown San Antonio is less than 12 miles away. As of February, the asset was 97.7 percent lease, per Yardi Matrix information.
Recently, American Landmark acquired another Texas property, the 282-unit Haven at Lakes of 610 in Houston.