Sterling Real Estate Partners Expands TX Footprint
- Mar 08, 2019
After recently acquiring a 332-unit luxury community in Austin, Texas, Sterling Real Estate Partners—a joint venture formed of Barker Pacific Group and Pacific Real Estate Partners—has purchased Sierra Ridge Apartments, a 230-unit asset located in San Antonio. Walker & Dunlop provided the debt financing for the transaction of the 94-percent-occupied property.
Located at 1401 Patricia Drive, Sierra Ridge Apartments is 11 miles north of downtown San Antonio. The asset is within 1 mile of several dining, retail and entertainment establishments, including Parliament Square shopping mall. Nearby major transportation routes include Interstate 410 and Freeway 281.
Completed in 1981, the one- and two-bedroom units of the community have not been upgraded. This provides the new owner the opportunity to implement a value-add strategy on the majority of the property, including improving amenities, enhancing curb appeal and correcting deferred maintenance.
“Neighboring properties have been fully renovated and Sierra Ridge will benefit from our renovation plans. We are excited to maximize the project’s market potential,” Sterling Principal Michael Barker said in prepared remarks.
Image courtesy of Sterling Real Estate Partners