Presidium Group has sold the 360-unit Axio Apartments in San Antonio. According to Bexar County public records, the buyer was Shippy Properties. Wells Fargo originated a $25.6 million, 10-year Freddie Mac loan to finance the acquisition.
Located at 8722 Cinnamon Creek Drive in a dense residential area, the asset is 2 miles from Interstate 10, less than 10 miles from the San Antonio International Airport and 12 miles northeast of downtown San Antonio. Additionally, the garden-style community is close to important employers such as the South Texas Medical Center and the corporate headquarters of USAA. According to Berkadia Senior Director Will Caruth, San Antonio has welcomed roughly 20,000 new residents over the past year, which led to an above national average rent growth that translates into a higher interest from investors.
Completed in 1982, the property was renovated in 2016 and is consists of one-, two- and three-bedroom apartments in 21 two- and three-story buildings spread across a 14.7-acre site. Common-area amenities include a tennis court, pool, basketball court and fitness center. As of June, the asset was 91.1 percent occupied, per Yardi Matrix data.
Caruth, together with Managing Director Mike Miller and Directors Chris Ross and Cody Courtney, represented the seller in the transaction. Last month, Berkadia originated acquisition financing for the 300-unit Cashel Springs in Houston.