GVA Real Estate Expands Texas Presence With North San Antonio Buy
- Oct 28, 2019
Falkin Platnick Realty has sold Bella Madera in San Antonio to GVA Real Estate Investments, according to Yardi Matrix data. The new owner will also oversee property management responsibilities. Berkshire Group financed the acquisition with an undisclosed loan. The 328-unit community last traded in 2014, when Harbor Group International sold the property.
Located at 2914 Olmos Creek Drive in a dense residential area, the asset is adjacent to Olmos Creek Shopping Center and 21 miles north of downtown San Antonio. Additionally, Yardi Matrix data shows that roughly 250,000 people with a median household income of $57,000 live within a 5-mile radius of the property.
Completed in 2006, the 13 three-story buildings consist of one- and two-bedroom apartments with floorplans from 460 to 1,025 square feet. Common-area amenities include a dog park, fitness center, pool with cabana area, gas grills and fire pit. As of September, Bella Madera was 95.4 percent occupied, per Yardi Matrix.
This March, GVA Real Estate Investments also increased its Houston portfolio with the purchase of the 504-unit Sandridge. The transaction included a $38.9 million loan from Ready Capital.