RailField Buys San Antonio-Area Community
The property adds 240 units to the company’s portfolio.
RailField Partners has bought Aspire at Live Oak, a 240-unit property in Live Oak, Texas, from Covenant Development. Institutional Property Advisors represented the seller and procured the buyer.
Completed in 2020, the community comprises one- to three-bedroom floorplans ranging from 674 to 1,326 square feet. Units have built-in smart technology, nine-foot ceilings and washers and dryers. Aspire at Live Oak’s amenities include a pool, a game room, detached garages and covered parking.
Located at 8130 Shin Oak Drive, the three-story property is just off Loop 1604 and Interstate 35, offering easy access to downtown San Antonio. The Forum at Olympia Parkway is less than 2 miles north of the community, while Live Oak Town Center is some 2 miles northwest.
Live Oak’s population has grown by 10.4 percent over the past five years, driving up multifamily activity in the region, said Drew Garza, director at IPA, in prepared remarks. The asset stabilized in roughly 10 months due to substantial demand for this type of housing in the market, the firm’s Executive Managing Director Will Balthrope added.
Garza and Balthrope of IPA worked on the sale on behalf of Covenant Development and procured the buyer. An IPA team also worked on RailField’s other recent Texas acquisition, in Fort Worth.