Comunidad Realty Sells 208-Unit San Antonio Asset

The new owner assumed the outstanding balance of a $10.4 million Fannie Mae loan, set to mature in 2028.
Villas de Santa Fe. Image courtesy of Berkadia

Comunidad Realty Partners has sold the 208-unit Villas de Santa Fe in San Antonio. Bexar County public records show the new owner—a California-based private investor—assumed the outstanding balance of a $10.4 million Fannie Mae loan, with a 4.2 percent fixed interest rate and a maturity date set for 2028. In July, the firm purchased the 240-unit Stonecrossing and the 144-unit Stonecrossing East in Houston, for $33.2 million. 

Located at 3601 Magic Drive within the Medical Center submarket, the asset comprises one- and two-bedroom apartments in 12 two-story buildings completed in 1982 on a 7-acre site. Common-area amenities include a fitness center, pool and tennis court. The community was 97.1 percent occupied as of August, per Yardi Matrix information.

Managing Director Mike Miller, Senior Director Will Caruth, Director Chris Ross and Associate Director Cody Courtney from Berkadia worked on behalf of the seller. According to Miller, the Medical Center submarket has seen a 4.5 percent rental increase over 2018 and continues to experience population and job growth. Villas de Santa Fe is close to Interstate 410 and the USAA headquarters, as well as UT Health San Antonio and South Texas Medical Center.