ARA Newmark Closes Sale of Two-Property South Texas Portfolio
- Aug 02, 2016
San Antonio—Mirada and The Heritage, two garden-style, apartment communities located in San Antonio have changed hands in two separate transactions. ARA Newmark represented the sellers, private limited partnerships affiliated with TriVest McNeil Real Estate.
Austin-based executive Managing Director Pat Jones and San Antonio-based Managing Director Matt Michelson facilitated the transactions.
“The Heritage and Mirada were popular with investors seeking well-located, value-add opportunities,” said Jones. “Given their great bones but dated interiors, the properties are ripe for cosmetic upgrades.”
Mirada was acquired by California-based Regional Investment & Management for an undisclosed amount. The community was built in 1995 and is located at 13515 West Ave. It offers 252 units and features a fitness center and a resort-style pool. Possible value-add opportunities include unit upgrades, the addition of a community dog yard and renovations to the clubhouse.
The Heritage was acquired by Austin-based CFH Investment Partners, marking the company’s 12th Texas acquisition in recent years. The property was constructed in 2005 and is located at 7828 Pat Booker Road. Its 305 units range in size from 621 square feet to 1,379 square feet and the community features a gymnasium-sized basketball and sport court, grill areas, leasing center and business center. The new owner can benefit from the value-add opportunities through the continuation of unit upgrades.
Both Mirada and The Heritage cater to major employers including South Texas Medical Center, USAA, Randolph Air Force Base/Joint Base San Antonio and Amazon’s pending $191 million fulfillment center.
Images courtesy of Mirada and The Heritage