ExchangeRight Real Estate Sells 2 in Texas
The deal marks the national operator’s exit from the multifamily sector.
ExchangeRight Real Estate has sold its remaining two-property multifamily portfolio in El Paso, Texas, consisting of Villa Sierra and Wyndchase Apartments in an off-market transaction. The Multifamily Group brokered the sale on behalf of the seller and procured the buyer.
Built in 1968, the 243-unit Villa Sierra offers one- to three-bedroom floorplans including penthouses. The apartments range from 785 to 1,570 square feet, according to Yardi Matrix data. Each unit features a fireplace. Community amenities include a fitness center, business center and clubhouse. Two pools, as well as eight laundry facilities and 353 parking spaces are also available.
Located at 2435 McKinley Ave., on 10 acres, the community is some 4 miles northwest of downtown El Paso. The Freedom Crossing at Fort Bliss shopping mall is some 3 miles northeast of the property, while a Walmart store and several quick-service restaurants are within 2 miles. El Paso International Airport is some 6 miles southeast.
Built in 1970, the 150-unit Wyndchase Apartments features a mix of studios, one- and two-bedroom floorplans, as well as three-bedroom townhouses, all ranging from 600 to 1,700 square feet, Yardi Matrix data shows. The community amenities include a fitness center, business center and clubhouse, as well as three pools and 250 parking spaces.
Located at 1601 McRae Blvd., on 5.6 acres, the property is some 10 miles east of downtown El Paso and less than half a mile off Gateway Boulevard, which offers easy access to several shopping malls and other retail, dining and entertainment options.
The end of an era
Situated within 10 miles of each other, the properties were the last remaining multifamily assets in the national institutional operator’s portfolio.
Chris Siemasko represented ExchangeRight Real Estate, while Bryce Smith and Jon Krebbs of TMG procured the 1031 buyer who closed in 65 days.
Active in other southern markets as well, TMG brokered the sale of two San Antonio apartment communities totaling 400 units this summer.