Alamo Heights Community Changes Hands for $37M
- Jul 28, 2017
AMAC Holdings in partnership with EBEX Holdings and United Apartment Group, acquired Crescent at Alamo Heights for $37 million. The 306-unit community located in San Antonio’s Alamo Heights neighborhood was previously owned by Evan Goldenberg and Arbor Realty Trust, according to Yardi Matrix data.
Built in 1993, the 17-building property is situated on 14.6 acres at 340 Treeline Park and features one- to three-bedroom units ranging in size from 669 to 1,370 square feet. The pet-friendly community features gated-access, assigned parking, a fitness center, business center, clubhouse, playground, swimming pool, spa and laundry facilities. Unit amenities include nine-foot ceiling heights, walk-in closets, washer and dryer connections and patios/balconies. The new owners intend to rebrand the property and invest in extensive renovations that will include both interior and exterior upgrades.
“Crescent at Alamo Heights enjoys a prime location within one of the most desirable submarkets in San Antonio,” Maurice Kaufman, a founding principal at AMAC Holdings, said in a prepared statement. “The property has not been renovated in over 10 years and presents a tremendous value-add opportunity through unit upgrades and an operational overhaul.”
Joshua Ross, vice president investments at Marcus & Millichap’s Encino office, represented the buyers in the transaction. Ryan Epstein, senior managing director at Berkadia’s Houston office and Mike Miller, senior director at Berkadia’s San Antonio office, represented the sellers. United Apartment Group will handle the community’s operations.
“This was a very complex transaction with a few months of negotiations with the sellers,” added Evan Goldenberg, principal at EBEX Holdings. “Ultimately, the effort was worth it, as we were able to close at a price-per-unit of $121,000. We have only owned Crescent at Alamo Heights for a month, but we are already hearing from tenants who are extremely excited about our rehabilitation plans, as the community has seen its share of deferred maintenance from previous owners.”
Images courtesy of Yardi Matrix