Berkadia Sells Luxury San Antonio Asset

San Antonio vacancy keeps falling while rents are moving up.
The Enclave - San Antonio

Via Yardi Matrix.

San Antonio—Commercial real estate company Berkadia has brokered the sale of The Enclave, a 384-unit multifamily building in San Antonio. Phoenix-based PBC Acquisition Services LLC sold the property to an institutional investment fund from Salt Lake City. The community, which is located near Loop 410 and Interstate 35, was constructed in 1980 and consists of one- and two-bedroom apartments.

There was no word on a sales price, but the asset last sold for $18.3 million in August of 2012, according to Yardi Matrix records.

“This sale demonstrates the San Antonio market’s attractive qualities for large, national, institutional investors seeking value-add acquisitions,” said Mike Miller, managing director, Berkadia. “The buyer has extensive management experience in this market and wanted to further expand their Texas portfolio. They have plans to transform the property with renovations.”

Unit amenities include full kitchens equipped with electric appliances, pantries, walk-in closets, washer and dryer connections, outside storage and a patio or balcony. Shared amenities include a newly remodeled clubhouse, two pools, a fitness center, basketball and tennis courts, a dog park, barbeque areas and a business center. The Enclave is conveniently situated five and a half miles from both San Antonio International Airport and the popular shopping destination North Star Mall.

This transaction echoes the recent growth in the San Antonio housing market, with vacancy in the metro-wide area falling 70 basis points to 6.3 percent in the first quarter of 2015. Average rent prices in the area reached $885 in March of this year.