The San Antonio apartment market is attracting investors, as evidenced by two important multifamily properties changing hands recently.
Sierra Ridge, a 230-unit apartment community on the city’s North Central Side, gained a new owner on Feb. 14: Omaha-based Metonic Real Estate Services, which purchased the gated community on behalf of investors. The property, which was 94 percent occupied at the time of the sale, features an updated clubhouse with a business center and a fitness center. Outdoor amenities include a lighted tennis court, a sport court and a two-tiered pool with sundeck.
According to the San Antonio Business Journal, the new owners plan to upgrade the 30-year-old complex, focusing mainly on extensive interior improvements.
“The San Antonio market boasts excellent fundamentals,” said Bob Dean, president of Seldin Co., told the San Antonio Business Journal. Seldin Co. is in charge of management duties at the complex.
Meanwhile, another investor entered the San Antonio market in February, when McCann Realty Partners L.L.C. acquired the View at Encino Commons Apartments, a 324-home, garden-style community. Built in 2001, the multifamily property includes amenities such as an elegant clubhouse with a fitness center, a resort-style swimming pool and a movie theater. Pegasus Residential L.L.C. was selected as the complex’s manager.
“We have been targeting the San Antonio market for quite some time due to its dynamic job growth prospects and strong business climate. McCann plans to do a modest interior and amenity upgrade to the property,” said McCann’s chief investment officer, Brand Inlow, in a statement.
Inlow expects to see growing rents in the Alamo City over the next several years, a reason why the company is actively looking to add more apartments in the city.
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