Passco Cos. Buys Suburban San Antonio Community
- Aug 23, 2021
Passco Cos. has acquired Vecina Apartment Villas, a 297-unit multifamily property in San Antonio from LIV Development. Institutional Property Advisors brokered the deal on behalf of the seller and secured the buyer.
The new owner financed the acquisition with a $39.5 million Fannie Mae loan, according to Bexar County records. KeyBank originated the mortgage.
The community, developed by the seller in 2020, previously was known as Stone Oak. Trustmark National Bank had financed the project with a $34.1 million loan, Yardi Matrix data shows.
Located on 11.4 acres at 20915 Wilderness Oaks, the property’s nine buildings feature one-, two- and three-bedroom apartments ranging from 602 to 1,696 square feet. Amenities include an outdoor sports area, fireside lounges, a 24-hour market and a 10,000-square-foot clubhouse with a conference room. The pet-friendly community also has a dog park with an agility course and dog spa.
The property is within walking distance of Panther Springs Park and less than 3 miles from the Blanco Road retail corridor. San Antonio International Airport is less than 12 miles from the community, while downtown San Antonio is roughly 20 miles south.
The brokerage team included Executive Managing Director Will Balthrope and Director Drew Garza. In late July, the duo closed the sale of a 310-unit luxury asset 5 miles west of Vecina Apartment Villas.