Kairoi Residential Buys 4-Property Portfolio
The value-add communities located in San Antonio were sold by Omninet Capital. Institutional Property Advisors represented the seller and procured the buyer.
By Evelyn Jozsa
Kairoi Residential has acquired four value-add properties totaling 1,210 units in San Antonio. Institutional Property Advisors represented the seller, Omninet Capital, and procured the buyer in the transaction.
The portfolio comprises assets built between 1968 and 1986, situated near Interstate 410. The properties are the following:
- Diamond Ridge North, 5235 Glen Ridge Drive, 304 units
- Parkvista Apartments, 5470 W. Military Drive, 477 units
- Peal Park, 510 NW Loop 410, 188 units
- Somerset Apartments, 5335 NW Loop 410, 241 units
“Located within strong submarkets, each one of these ’workforce housing’ assets provide new ownership with an outstanding opportunity to add value through unit enhancements and exterior upgrades,” said Will Balthrope, executive director at Institutional Property Advisors, in prepared remarks. “Three of the four properties have successful upgrade programs in place and one has untouched unit interiors that are poised for upgrading.”
The brokerage team included Balthrope, Senior Director Drew Kile and Associate Jordan Featherston.
Image courtesy of Yardi Matrix