Pegasus Grows Texas Footprint
- Oct 21, 2020
Pegasus Real Estate, a Dallas-based private equity commercial real estate firm, has added to its Texas holdings with the acquisition of Collection at Overlook, a 411-unit property in San Antonio. It is the company’s fourth multifamily property in the state and will be rebranded as Cornerstone at Overlook.
The seller’s name and price paid for the 16.0-acre property at 4934 Woodstone Drive were not released. However, Scott Sepic was listed as the owner as of November 2015, according to Yardi Matrix data. At that time, Sepic assumed a CMBS loan in the amount of $18.5 million from MC Cos., Yardi Matrix reported. The loan was due to expire on Jan. 1, 2022.
Forrest Bass and Matt Pohl, managing directors with Walker & Dunlop, brokered the latest deal. Pohl, previously a director at HFF, was part of the HFF investment team involved in the November 2015 sale of the property then branded as the Place at Overlook. Pohl and HFF marketed the asset on behalf of the owner at the time, MC Cos. A Multi-Housing News story identified the buyer as My Residential, a Denver-based company.
Built in 1984, Collection at Overlook consists of 31 two- and three-story, garden-style buildings. The property has studios, one- and two-bedroom units ranging in size from 515 to 1,073 square feet with an average of 716 square feet. Rents ranged from $651 to $1,000 with an average of $773, according to Yardi Matrix data. Fireplaces are available in the larger apartments. Washer and dryer hookups are available in all but the smallest units. Community amenities include controlled access, a fitness center, business center, clubhouse and five laundry facilities. Other features include a swimming pool, spa, volleyball and basketball courts. The property has about 840 parking spaces.
The site offers a convenient option to renters who want housing close to major employers including USAA, South Texas Medical Center, Valero and the University of Texas at San Antonio. The property is also near major roadways such as Loop 1604, Interstate 410 and Highway 281.
Co-founded by Justin Laub and Jonas Levy, the private real estate investment firm focuses primarily on acquiring and repositioning multifamily properties in major metropolitan markets. In April, Pegasus Real Estate purchased The Vineyards at Arlington Apartments in Arlington, Texas, from Arlington Realty Owner De LLC for an undisclosed price. The latest acquisition brings the firm’s portfolio to more than 1,000 multifamily units valued at more than $125 million in assets under management.