Berkadia Brokers 311-Unit San Antonio Community Sale

PEM Real Estate Group acquired Legacy Flats, a 10-building garden-style multifamily property in San Antonio. White-Conlee Builders completed the asset in 2016.

Legacy Flats in San Antonio
Legacy Flats in San Antonio

Berkadia has arranged the sale of Legacy Flats in San Antonio. PEM Real Estate Group acquired the 311-unit, garden-style community from Legacy Flats.

Located at 10418 Shaenfield Road, the 10-building asset consists of one-, two- and three-bedroom apartments ranging from 561 to 1,331 square feet. Community amenities include a fitness center, business center, clubhouse, swimming pool and more than 600 parking spaces. The multifamily property was completed in 2016 by White-Conlee Builders. Its East Charles William Anderson Loop placement means that it is just a 20-minute drive away from downtown San Antonio. Legacy Flats offers convenient access to multiple schools, including Nathan Kallison Elementary School, William H. Taft High School and Earl Warren High School.

Berkadia’s Senior Managing Director Ryan Epstein, Senior Director Will Caruth, Managing Director Mike Miller, Associate Directors Cody Courtney and Wes Breeding, and Associate Scott Bray negotiated the deal on behalf of both the seller and buyer. Earlier this year, Epstein and Bray also intermediated the sale of Grand Mason at Waterside Estates, a Houston-area community.

“San Antonio’s multifamily fundamentals will strengthen throughout 2018, as 2.4 percent annual area job growth is expected to play a role in demand outpacing supply,” Epstein said in prepared remarks. “Investors are taking notice, and newly-built, stabilized properties with strong lease-ups are one of the factors leading to these kinds of suburban transactions.”

Images courtesy of Yardi Matrix