JV Buys Downtown San Antonio Mixed-Use Property
A Berkadia team arranged a five-year loan for the acquisition and renovation of the 247-unit The Vistana.
Duncan Hillsley Capital, in partnership with Rincon Real Estate Investments, has acquired the 247-unit The Vistana in downtown San Antonio from a local private investor. Berkadia arranged a five-year, 3.1 percent fixed rate, non-recourse loan from a national bank. The financing includes provisions for future funding for the renovations of the asset.
Located at 100 N. Santa Rosa Ave., the 17-story building is within walking distance to plenty of retail, dining and public transit options. Additionally, the property is 10 miles from the San Antonio International Airport and roughly 16 miles from the University of Texas at San Antonio campus.
The asset comprises studio, one-, two- and three-bedroom apartments, more than 30,000-square-foot of retail and a self storage facility within the building. Common-area amenities include a fitness center, sixth floor amenity deck with pool and an outdoor space with grill. Yardi Matrix data shows the asset was 87.9 percent occupied, as of August.
Senior Director Brad Williamson from Berkadia secured the financing on behalf of the new owners. Another team from the brokerage company represented the seller in the disposition of the 208-unit Villas de Santa Fe in San Antonio.