FPA Multifamily, an Irvine, Calif.-based company that recently picked up a 758-unit community in Chicago’s suburbs, has purchased The Grand Estates at TPC, a 408-unit asset in Northern San Antonio. Wood Partners sold the property and, according to Yardi Matrix data, the new owner assumed the outstanding balance of a nearly $30 million loan held by Fannie Mae and originated in 2015 by Berkadia Commercial Mortgage. The asset was roughly 92 percent occupied at the time of sale.
Located at 5707 TPC Parkway, The Grand Estates is 22 miles north of downtown San Antonio. Highway 281 is within 5 miles, as are Village at Stone Oaks and Stone Ridge Market shopping centers, featuring a variety of big-box chains, restaurants, services and entertainment venues.
Completed in 2007, the asset encompasses a mix of studio to four-bedroom units ranging from 430 to 1,597 square feet, with unit-amenities such as washer/dryer hookups. The 18 buildings are spread across 20 acres. Common-area amenities include controlled access, a fitness center, clubhouse, swimming pool, volleyball court, playground and covered parking.
Image courtesy of Yardi Matrix