Bluerock Real Estate L.L.C. announced the sale of The Stratford apartments, a 269-unit multifamily community in Northwest San Antonio. The company purchased the property in December 2008, in a joint venture with The Lynd Co.
Lynd Co., the 34th largest apartment manager in the United States, managed the property on behalf of the partnership.
Originally developed in 1982, the apartment community is 95.5 percent occupied, according to a property presentation by CBRE Global Inc., which offered the property for sale. Comprising 19 two- and three-story residential buildings and a leasing and fitness center, The Stratford has 93 unique one-, two- and three-bedroom townhome units.
Custom features in the homes include fully equipped kitchens with natural wood cabinetry, serving bars and separate dining rooms, wood-burning fireplaces, wet bars, track lighting, brushed chrome hardware, full-size washer/dryer connections, large walk-in closets, patios and balconies with outside storage, as well as private front-door entries.
According to Citybizlist.com, rents at The Startford range from $590 to $1,135 per month.
CBRE reports that apartment home occupancy in the Northwest San Antonio submarket in the first quarter of 2012 was 92.7 percent. The company adds that there are approximately 580 units of new conventional multifamily scheduled to deliver in the Northwest submarket over the next year.
Bluerock Real Estate is a national real estate investment firm headquartered in Manhattan, which focuses on acquiring, managing and developing stabilized, value-added and opportunistic multifamily and office properties throughout the United States. The company has transacted more than 30 million square feet and $6 billion in acquisitions.
Photo courtesy of CBRE
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