Sherman Residential Grows San Antonio Presence
- Dec 17, 2019
Koontz Corp. has sold the 332-unit Savannah Oaks luxury community in San Antonio to Sherman Residential. According to Yardi Matrix information, the new owner received a $29.6 million acquisition loan from Allstate Life Insurance Co., set to mature in 2025. Recently, Sherman sold Carrington Oaks, an 11-building community in downtown Austin, Texas.
Savannah Oaks is located at 14614 Vance Jackson Road, roughly a mile from loop 1604 and Interstate 10. The Class A community is just south of the 23-acre, under construction Landmark Center; 3 miles from the 3 million-square-foot mixed-use The Rim; and roughly 14 miles northwest of downtown San Antonio. The garden-style property is close to several major employers, such as the corporate headquarters of USAA, Valero and NuStar Energy, as well as the University of Texas at San Antonio.
Completed in 2016 on a 21.6-acre site, the property comprises one- and two-bedroom floorplans in 13 three-story buildings. Common-area amenities include pool with tanning ledge and outdoor kitchen, ﬁtness center, business center and clubhouse. Per Yardi Matrix data, the asset was 91 percent occupied, as of October.
Executive Managing Director Will Balthrope, together with Senior Associates Drew Garza and Jordan Featherston from Marcus & Millichap’s Institutional Property Advisors, worked on behalf of the seller and procured the buyer.