Honey Hill Apartments’ First Sale
- Jan 09, 2017
San Antonio—Denver-based MBP Capital Inc. recently acquired Honey Hill Apartments, a 346-unit Class B community located in San Antonio’s Medical District. The property has never been previously sold and will be rebranded upon completion of the renovation.
Chris Ross, Mike Miller, Will Carouth and Cody Courtney of Berkadia San Antonio represented the seller, who according to Yardi Matrix data is a private owner from San Antonio. The price tag remains undisclosed.
Located on the Northwest side of San Antonio near UTSA at 5111 Glen Ridge Drive, Honey Hill offers one- to three-bedroom floorplans. Common area amenities include two swimming pools, fitness center, clubhouse, laundry facility, greenhouse patios and tennis court.
MBP has selected Catalyst Multifamily of Dallas to handle the property management responsibilities. Furthermore, the new ownership plans to invest $3 million in capital improvements in the first 12-18 months, which will include full interior renovations, full exterior paint, new patio and balcony fencing, outdoor amenities, clubhouse remodel, as well as extensive landscaping. In consequence, the rental rates will raise by nearly 30 percent from the current averages.
Image courtesy of MBP Capital