StoneRiver has acquired Pecan Springs, a 344-unit multifamily community in San Antonio. Electra America, the previous owner, previously received a $32.5 million acquisition loan from Arbor Realty Trust for the property in 2017, according to Yardi Matrix data. StoneRiver Property Management, the company’s in-house management division, will be managing the community.
Completed in 2013, Pecan Springs is a garden-style community that encompasses 15 buildings, with one-, two- and three-bedrooms ranging from 583 to 1,305 square feet. Common-area amenities include a fitness center, a business center, a clubhouse and two swimming pools. In-unit amenities comprise washers and dryers in all units, enclosed garages with direct access, private balconies or patios and outside storage.
Located at 5511 Pecan Springs Road, the property is right next to Interstate 10; 2.7 miles from The University of Texas at San Antonio and 5.5 miles from University Hospital – University Health. Several dining, entertainment and retail options can be found nearby, such as The RIM shopping center, The Shops at La Cantera and Six Flags Fiesta Texas.
This transaction is StoneRiver Investment Fund’s third acquisition, with the company re-entering the Texas Market in February. Electra America has recently sold another property, The Retreat at Cinco Ranch, a 268-unit garden-style community in Katy, Texas, for $68.3 million. The buyer was Sentinel Real Estate Corp.