Harvest Equities Buys 680-Unit Property
The previous owner renovated 70 percent of the community.
Harvest Equities has acquired The Place at Castle Hills, a 680-unit multifamily property in San Antonio. MC Cos. sold the asset in a deal brokered by Institutional Property Advisors and Marcus & Millichap.
The community previously traded in July 2011, when MC Cos. acquired it from Ilan Investments, according to Yardi Matrix information. The firm also took out a $33.5 million loan in 2017 from Manufacturers and Traders Trust Co., originated by Walker & Dunlop.
The property was completed in 1984 and encompasses 73 two-story buildings spread across 23 acres. The former owner implemented multiple capital projects and renovated more than 70 percent of the residences.
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The unit mix consists of one- and two-bedroom floorplans, ranging between 479 and 1,033 square feet. Apartments have walk-in closets and private balconies or patios. Common-area amenities feature a business center, a clubhouse, three swimming pools and private courtyards. The community also has a fitness center, a picnic and barbecue area, private courtyards and more than 1,100 parking spaces.
Located at 11800 Braesview, The Place at Castle Hills is 5 miles from San Antonio International Airport. Downtown San Antonio is roughly 12 miles southeast.
IPA Senior Vice President Drew Garza and Executive Managing Director Will Balthrope, along with Marcus & Millichap Senior Associate Ben Kalter brokered the deal on behalf of the seller and procured the buyer.
San Antonio transactions slow down
San Antonio saw 37 properties totaling 7,520 units trading year-to-date as of November, according to Yardi Matrix information. This marks a year-over-year decrease in multifamily transactions activity, with 48 assets—about 10,510 apartments—changing hands during the same period last year.
In June, Viking Capital purchased Villas at Sundance, a 252-unit community in New Braunfels, Texas, for $37.5 million. NMS Property Services sold the 2012-completed asset.
Earlier this year, Hamilton Zanze sold BLVD at Medical Center, a 248-unit property that came online in 2001. The firm acquired the asset in 2016 and implemented a capital improvement program.
