Newly Built San Antonio Property Trades Hands
- May 08, 2014
San Antonio—The NRP Group has completed the sale its 2013-built property in San Antonio known as the Landings at Brooks City-Base. The 300-unit property is located in San Antonio’s growing Southside submarket and was picked up by Miami-based Pensam Capital.
“By attracting more resident’s to San Antonio’s Southside, The Landings has greatly contributed to the recent spike in development at Brooks City-Base,” says Seth Mendelsohn, vice president of investment and asset management for NRP. “The Landings represents a historic tradition for this landmark location.”
The Landings is a component of a larger mixed-use development planned at Brooks City-Base, which includes public parks, retail, medical and office space development. Amenities at the property include a 4,166-square-foot hangar-style community center, wireless lounge, and swimming pool.
Carroll Organization sells 476-unit community in Houston
Houston—The Carroll Organization and The Carlyle Group have sold ARIUM Briar Forest, a 476-unit garden-style community in Houston. The asset was picked up by a private buyer. Carroll acquired the property with a fund managed by Carlyle back in 2012. At the time the asset was underperforming. Carroll and Carlyle completed a targeted capital improvement campaign that upgraded all units, and installed high-end amenity finishes.
“The investment in ARIUM Briar Forest exceeded all of our targeted return metrics,” says Patrick Carroll, CEO of The Carroll Organization. “The sale validates our investment strategy of purchasing an asset at a discount, repositioning the property, improving performance, reestablishing the property as a high quality asset in a market, and creating value for another owner. We focus on improving the community at the property level from unit interiors and finishes to customer service and management. When residents have a better experience, it ultimately translates into returns for our investors. This is the perfect example of our team executing our strategy.”
The property offers top of the line amenities such as a resident clubhouse and lounge, business center, resort-style pools, outdoor grilling areas, a 24-hour fitness center, pristine landscaping and gated access.
GFI fetches $175k/unit for 53-unit apartment building in the Bronx, N.Y.
New York—GFI Realty Services Inc. announced the sale of 529 East 235th Street, a seven-story elevator apartment building located in the Woodlawn section of the Bronx for $9.285 million or $175k a unit. The multifamily property features 53 rental units.
The deal was brokered on both sides by GFI Realty Services Inc. Josh Orlander, associate director, Investment Sales, lead the negotiations and was assisted by Aron Taub also of GFI.
“The building was kept in immaculate condition, which is why the seller could get $175k a unit,” says Orlander. “That’s the highest price per unit a building has ever traded for in Woodlawn.”
“However, it’s not the multiple or the price per unit, it’s the location and nature of the asset that matters the most when purchasing an invest property,” says Taub. “This building was well-maintained and in an excellent location close to transit and the park.”
The building was constructed in 1938 and is within close proximity to the Woodlawn Metro-North train station, the 233rd Street subway station, which services the 2 and 5 lines, and Van Cortlandt Park.