3CM Multifamily Buys San Antonio-Area Property
- Feb 18, 2020
3CM Multifamily is expanding its holdings with the purchase of Brownstone Uvalde, a 152-unit community in Uvalde, Texas, from Interurban Cos. In June, the company sold Las Casitas Apartments in Avondale, Ariz.
Managing Director Mike Miller, Senior Director Will Caruth and Director Cody Courtney, all of Berkadia’s San Antonio office, secured the sale on behalf of Interurban.
Miller said in a prepared statement Brownstone Uvalde offered the buyer the opportunity to acquire a Class A asset with low maintenance costs and high value-add potential. He added the discount to replacement also made the property attractive to investors.
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Dougherty Mortgage recently closed a Fannie Mae loan for the acquisition financing. Neither the sales price nor loan amount was disclosed. The firm arranged a 12-year, 30-year amortization loan through a partnership with Old Capital Lending for borrower Brownstone 360 LLC, a 3CM Multifamily entity.
Built in 2012, the property, rebranded as Brownstone Apartment Homes, is located at 2224 E. Main St. in Uvalde, about 86 miles west of San Antonio. The apartment community is comprised of 10 two-story residential buildings and a one-story leasing office/clubhouse building.
The property has one-, two- and three-story floorplans with hardwood floors, walk-in closets, pantries, breakfast bars, balconies/patios, dishwashers, washer/dryer connections and extra storage in the units. Community amenities include a business center, clubhouse, fitness center, media lounge, video library, laundry facility, swimming pool, dog park and indoor dog wash. The property has covered parking, detached garages and guest parking available.
Located in East Uvalde, Brownstone Apartment Homes is close to Texas A&M AgriLife Center, Southwest Texas Junior College and Sul Ross State State University. The Briscoe-Garner Museum and Uvalde Grand Opera House are also nearby along with shopping and dining options. U.S. 90, which offers direct access into San Antonio, is also near the apartment community.