San Antonio’s Growing Job Market Attracts Investment
- Jun 18, 2015
San Antonio—An expanding population and strong job market has attracted Sendera Investment Group to San Antonio. The California-headquartered firm picked up The Presidio at the Landmark, a 412-unit apartment community in the city’s I-10/Loop 1604 area, from AVR Realty for $38 million, according to Yardi Matrix data. AVR Realty was listed as the seller. Institutional Property Advisors represented both parties.
“Presidio at the Landmark’s strategic location near high-traffic expressways, large corporate employers and recently developed regional retail centers, along with San Antonio’s expanding population and strong job market, position it well to provide the new owner with long-term stability and value appreciation,” said Will Balthrope, executive director of IPA. Balthrope worked alongside fellow executive director Drew Kile on the sale.
The 2008-built property sits on 31 acres carrying the address of 14200 Vance Jackson Road. Amenities include controlled gated access, two swimming pools, a business center, volleyball court, 608 parking spaces, a fitness center, billiards room, pet park and barbecue grill.
Per unit rents at the property are averaging $961, a bit higher than the San Antonio average of $906.
Pillar originates loan for property in lease-up
Chicago—Pillar, a Guggenheim Partners affiliate, announced that it has originated a $7.5 million refinance loan with Freddie Mac for Swan Creek Apartments, a 95-unit multifamily property located in Madison, Wis. The fixed rate, 10-year term loan with a 30-year amortization schedule was originated by members of Pillar’s Chicago origination team, Lancelot Lie, director, and Brooke Jackson, associate.
The borrower, H.A. Langer & Associates, is a Chicago-based owner and developer of market-rate multifamily properties primarily located in Chicago and Madison. H.A. Langer developed Swan Creek Apartments in 2014 in response to the growing demand for apartments in the Madison rental market.
“This was our first transaction with H.A. Langer, and we were pleased to assist them with their first Freddie Mac transaction,” said Lie. “Although the property was not yet fully stabilized at 75 percent occupancy, Freddie Mac’s Lease-Up Execution allowed the sponsor to lock and fund the loan earlier than a typical transaction.”
“We were very pleased with the service provided by Pillar and their ability to execute this transaction efficiently. The Lease-Up Execution was the right loan product to help us manage interest rate risk early on in the process,” said Bill Perkins, general manager of H.A. Langer & Associates.