250-Unit Complex Sells; EZCORP Buys Money Mart Stores
- Nov 13, 2011
Two major real estate transactions took place in San Antonio in the past week: a residential purchase by an Arizona-based company and a retail transaction by Austin-based EZCORP.
MC Cos., an Arizona firm, recently purchased the Shadow Valley Apartments, a residential complex that consists of 250 units. The company bought the complex with plans to rename it “The Place at Shadow Valley” and to upgrade it with new appliances, flooring and fixtures. Additionally, plans call for exterior improvements.
The company plans to buy about 2,000 units during the next 12 months and had been seeking a residential development in San Antonio. Apparently, the San Antonio multi-family market is very attractive for investors all over the country, as Shadow Valley received 22 offers from investors.
The second important transaction that took place in San Antonio, on Nov. 4, was the purchase of 15 pawn stores in the San Antonio area, part of the Money Mart retail chain. The buyer, EZCORP Inc., added the stores to a 22-store portfolio in the city, thus increasing its presence in the “most attractive areas for the pawn business,” as quoted by the San Antonio Business Journal. Austin-based EXCORP operates more than 1,100 stores in the United States, Canada and Mexico.
The 15 former Money Mart stores were owned by DFC Global Corp. The price of the acquisition was not disclosed.