Alamo City Community Changes Hands for $36M
- Sep 26, 2016
By Anca Gagiuc, Associate Editor
San Antonio— Electra America and partner Robbins Property Associates announced the acquisition of Vantage at Alamo Ranch, a San Antonio apartment community to be rebranded as Verandas at Alamo Ranch. The transaction marks the company’s 29th multifamily property acquisition in the past 12 months.
The newly built property was acquired from Vantage Communities. According to Yardi Matrix data, the property sold for $36 million, subjected to a $27 million loan held by Israel Bank of New York. At the time of the sale, the property was 87 percent leased.
“The Alamo acquisition reaffirms our commitment to San Antonio as a growing and vibrant city,” said Joe Lubeck, CEO of Electra America and a partner in Robbins. “Soon to be renamed Verandas at Alamo, we will upgrade amenities and services and look forward to being part of the Alamo community.”
The 288-unit community located at 6831 Alamo Parkway was built in 2015, featuring one-to three-bedroom units in three-story buildings totaling 240,916 square feet. Community amenities include swimming pools, fitness center, on-site maintenance, gated access, business center, picnic area, pet park and high-speed Internet access. Unit amenities include 9-foot ceilings, balcony or patio, plush carpeting, hardwood flooring and walk-in closets. The new owner plans to upgrade the units with granite countertops, kitchen faucets, curved shower rods and 2-inch faux wood blinds.