Hines has sold The Retreat at The Rim in San Antonio, Texas, to Berkshire Residential Investments. The multifamily property is located within The Rim, the largest retail power center in Texas.
“Based on The Retreat at The Rim’s performance and local market conditions, Hines and our investors determined this to be most opportune time to capitalize on our investment,” Chris O’Neill, managing director at Hines, told Multi-Housing News.
The four-story, 384-unit The Retreat at The Rim, located at 5650 Worth Pkwy., offers one-, two- and three-bedroom units, averaging 994 square feet. Unit amenities at the pet friendly community include above-standard ceiling heights, designer-inspired finishes, modern kitchen cabinets and lighting, stainless steel kitchen appliances, quartz countertops, kitchen islands and bars in select apartments, wood-styled flooring, smart home features, keyless entry doors, programmable thermostat, in-home washer and dryer, garden tubs and freestanding showers and private patios and balconies in select apartments.
Resident amenities The Retreat at The Rim include direct pedestrian paths to the retail at The Rim, a multifunctional resident lounge with media, multi-gathering seating areas, private meeting rooms, a Wi-Fi lounge, a demonstration kitchen, a resort-inspired swimming pool, an expansive sundeck with cabanas, an outdoor kitchen with grills, a 24/7 fully equipped fitness center, a free weights and cardio zone, a private spin room or yoga zone, two pet parks and a pet spa and dog wash station, and 24/7 emergency maintenance. Private garages and assigned carports are available.
Last week, Hines announced it was entering the build-for-rent sector with its first project in Surprise, Ariz. The company will develop Enclave Point, a 160-unit community.
San Antonio Multifamily
San Antonio has 45 multifamily properties, totaling 9,296 units, within 3 miles of the city and another eight under construction that will add 1,725 units to the inventory, according to Yardi Matrix. Developers have planned an additional eight properties with 1,962 units and have another 35 properties with 7,477 units in the works. San Antonio has witnessed 11 multifamily properties trade hands in the past five years, recording an average sale price of $172,810 per unit.
The Retreat at The Rim was constructed in 2020 and was Hines’ first multifamily project in San Antonio and its eighth in Texas. The property was designed by Meeks + Partners.
Hines was represented by Ryan Epstein, Matt Pohl, Forest Bass and Spencer Roy with Walker & Dunlop.