Atlanta Investor Expands in San Antonio With Foreign Funds

Benimax increased its San Antonio footprint with the acquisition of its second multifamily property, in a deal arranged by ARA Newmark.
Ridgeline at Rogers Ranch, San Antonio

ARA Newmark has facilitated the sale of Ridgeline at Rogers Ranch, a luxury community located in the hills of northwest San Antonio. Atlanta-based real estate investment group Benimax acquired the asset with capital from its Chinese global investors, marking its second acquisition in Alamo City. Yardi Matrix data shows that the current sale was subject to a $39.6 million loan held by Fannie Mae. Vice Chairman Pat Jones represented the seller, Embrey Partners.

The 299-unit, 17-building community was built in 2017 and occupies nearly 16 acres at 3231 N. Loop 1604 W. in the Beckmann submarket. The unit mix comprises one- to three-bedroom apartments and one guest suite ranging from 683 to 1,446 square feet. Indoor amenities include washer/dryer in select units, above standard ceiling height, private balconies or patios and microwave ovens in all units. Common-area amenities at the controlled access property include a fitness center, business center, clubhouse, two swimming pools, media room and 449 parking spaces.

“While Northwest San Antonio is always popular among investors due to its hill-country setting, exemplary schools, expensive single family and access to the city’s finest retail and entertainment, this transaction signals the market’s ability to attract foreign capital,” Jones said in prepared remarks.

As we reported in May, ARA Newmark also brokered the sale of a 268-unit luxury community in Orlando, Fla., on behalf of Flournoy Partners.

Image courtesy of ARA Newmark