Resort-Style Community Changes Hands in San Antonio
Benimax purchased the 336-unit asset from Stone River Co., in a transaction subject to a $40 million Freddie Mac loan.
Stone River Co., which recently acquired a 625-unit portfolio in Alabama, has sold Avocet Apartments, a 336-unit resort-style community located in western San Antonio. Benimax purchased the asset for $51.7 million and, according to Yardi Matrix data, the sale was subject to a $40 million Freddie Mac loan. The property was roughly 90 percent occupied at the time of the transaction.
Located at 11340 Alamo Ranch Parkway, Avocet Apartments is very close to Highway 151, providing easy access to downtown San Antonio, which is within 18 miles. Several dining, retail and entertainment venues are within a five-minute drive, and Northwest Vista College and SeaWorld San Antonio are also close by.
Completed in 2017, the one-, two- and three bedroom units averaging 948 square feet are spread across 14 buildings on little more than 21 acres. Unit amenities include 9-foot ceilings, high-end finishes, and select units feature a separate dining area and sunroom. Common-area amenities include:
- controlled access
- 24-hour fitness center
- business center
- large clubhouse
- swimming pool
- car care center
- dog park
- covered parking
Taylor Brown, Steve Mack and Bo Brown of Greystone Brown Real Estate Advisors acted on behalf of both the seller and the buyer.
Image courtesy of Yardi Matrix