Berkadia Completes Sale of San Antonio Property
- Nov 22, 2016
San Antonio—Berkadia announced the sale of Ridge at Southcross, a 244-unit multifamily property located at 4700 Stringfellow St. in San Antonio. Senior Director Mike Miller, Directors Chris Ross and Will Caruth and Associate Cody Courtney of the San Antonio office completed the sale.
“San Antonio is a strong market, due to its economic diversity, job growth and low volatility in the market,” Courtney told Multi-Housing News.
Built in 1974, the community offers studio, one- and two-bedroom floor plans. Select units feature ceiling fans, upgrades interiors, fully-equipped kitchens and walk-in closets. Community amenities consist of a clubhouse, a pool, a barbeque and picnic area, a laundry facility, a hot tub, an on-site business center, a fitness center and 24-hour emergency maintenance.
“The seller executed their business plan of renovating 50 percent of the units through a Bridge Loan program, which dramatically increased the net operating income, making it the perfect time to sell,” said Courtney. “The property is well located in the Southeast San Antonio submarket, and ComCapp did an excellent job managing and renovating the units and turning the tenant profile there.”
Image courtesy of Yardi Matrix