Nord Group Acquires San Antonio Portfolio
The 1980s-vintage portfolio comprises more than 40 buildings.
Real estate investment firm Nord Group has acquired a pair of apartment communities in San Antonio totaling nearly 500 units from Nitya Capital.
The portfolio comprises 43 apartment buildings and 492 residential units at two properties, Terrain at Medical Center and Latitude. Rosewood Realty Group represented both the seller and buyer.
In an echo of broader market trends, macroeconomic headwinds affected the deal.
“Rising interest rates and a tight lending climate created a perfect storm, leading to the emergence of a number of challenges,” Mike Kerwin, Rosewood Realty senior vice president, told Multi-Housing News.
“Having been through similar cycles before, and having witnessed similar economic circumstances in the past, we were able to leverage our relationships, experience, and expertise to identify creative solutions that proved mutually acceptable for the buyer, the seller and the lender,” said Kerwin.
Terrain at Medical Center is located at 5380 Medical Center Drive. The garden-style apartment complex features 16 three-story buildings with 224 apartment homes and 251 parking spaces. Built in 1983, the multifamily community totals approximately 155,960 square feet.
Latitude, located at 6400 Wurzbach Road, is made up of 27 two-story walk-up residential buildings offering a total of 268 apartment homes. Approximately 400 parking spaces are offered at the 229,904-square-foot rental property, which was completed in 1980.
In a prepared company statement, a Rosewood official noted that Nord Group is dedicated to improving the property’s value for both residents and investors. Kerwin confirmed the communities provide substantial value-add upside.
“These properties are located in hot rental markets, they are ideally situated and they’re older properties that provide an opportunity for repositioning,” he said.
Four months ago, Nord Group acquired an apartment community in a Houston suburb that has seen robust job growth.