Covenant Capital Buys San Antonio Asset
- Aug 05, 2020
Covenant Capital Group has acquired Park at Rialto, a community in San Antonio, Texas, from GenCap Partners for an undisclosed price. The JLL team that represented GenCap in the transaction was led by Sean Sorrell while the JLL team of CW Sheehan, Alastair Barnes and Scott Dickey arranged a seven-year, fixed-rate Freddie Mac loan for Covenant.
Located at 25051 I-10 W., Park at Rialto offers 274 units in studio, one-, two- and three-bed floorplans that average 882 square feet. The luxury community spans eight buildings on a 9.3-acre site with amenities including garages, barbecue grills, storage units, a dog park, cyber cafe, media lounge, fitness center with lockers and showers, pool and coworking office for rent. GenCap completed Park at Rialto in 2018 and was able to earn a National Green Building Standard certification. JLL told Multi-Housing News that Covenant is planning to make modest updates at the property.
INVESTING IN TEXAN CITIES
“There continues to be strong demand for multifamily properties in San Antonio and the agencies have been very active in supplying liquidity to the market,” Sheehan told MHN.
Sheehan added in prepared remarks that Park at Rialto offers access to San Antonio’s major employers while being situated between the cities of Boerne and San Antonio.
Gary Williams, GenCap’s CFO, said in prepared remarks that the central Texas markets like San Antonio and Austin are very attractive investment markets with growing demand for more housing and from investors. In the Austin, Texas metropolitan area, GenCap owns two Class A communities that total 800 units and recently shifted to Allied Orion Group as property managers.