Sherman Residential has grown its portfolio of multifamily properties in the San Antonio metro with the acquisition of The Standard at Legacy. The firm purchased the 323-unit community from Embrey, Garrett Salk, vice president at Sherman, told Multi-Housing News.
The seller started construction on The Standard at Legacy in 2018, completing the community in 2020. The Class A community offers one-, two- and three-bedroom units alongside two-bedroom multi-level townhomes. Embrey constructed the units with attached garages, washers and dryers, and patios and balconies. The Standard at Legacy was also built with a business center, courtyard, fitness center, clubhouse with a golf simulator, pool, pet park and indoor and outdoor entertaining kitchens with bars.
Salk also told MHN that the community was 100 percent pre-leased and nearly 97 percent occupied. Now under Sherman Residential’s ownership, the firm is also planning to take over management responsibilities at The Standard at Legacy.
Located at 1938 E. Sonterra Blvd., the community offers nearby access to downtown San Antonio and the San Antonio International Airport. The Standard at Legacy also has the advantage of being located near many of the area’s employers, Fortune 500 companies and The University of Texas at San Antonio.
FOCUSED ON SAN ANTONIO AND BEYOND
Scott Gould, senior vice president at Sherman, said in prepared remarks that the acquisition was part of the firm’s long-term commitment of investing in the San Antonio metropolitan area. Salk also told MHN that the northside of San Antonio is a highly sought-after market due to its job creation and quality schools.
The firm’s San Antonio portfolio includes a 248-unit community that was acquired in September. A year prior, the firm also purchased a 32-building property totaling 395 units in New Braunfels, Texas, located between San Antonio and Austin.
With its San Antonio area acquisitions, Sherman Residential has grown its portfolio to more than 80 properties that have been owned or managed by the firm. Besides San Antonio, the firm and its 2021 multifamily acquisition strategy also focused on other major metros in the Sun Belt states like Phoenix; Tampa, Fla.; or Atlanta; but only with garden-style or mid-rise communities that have at least 100 units and were built after 2000.