The Multifamily Group Brokers San Antonio Sale
Previously owned and managed by Harvest Properties, the assets encompass a total of 400 apartment units.
Limestone Oaks and Townhomes at Limestone Oaks—two apartment communities in the northwestern submarket of San Antonio—have changed hands.
The Multifamily Group represented the seller, Harvest Equities, which has managed both properties for over 15 years. The off-market transaction was led by Managing Director Bryce Smith.
Previously known as Woodtrails, the 324-unit Limestone Oaks community is located at 9001 Wurzbach Road. Built in 1981, the two-story building features one- and two-bedroom units, some with private balconies. Amenities include two swimming pools and 657 grade-level parking spaces. The property is near Interstate 10, which makes for a 15-minute drive straight into downtown — home to one of the most eclectic mixes of leisure and business venues in the country, where 18th century Mediterranean architecture blends with modern San Antonio office space.
Located at 4400 Wurzbach Road, Townhomes at Limestone Oaks—formerly Mission Station—has 76 apartments in a mix of one- and two-bedroom units. Amenities at the three-story building include a swimming pool, laundry facilities and grade-level parking. Previously owned by Kennedy Wilson, the property has easy access to Interstate 410.
Limestone Oaks and Townhomes at Limestone Oaks are connected by 6.5 acres of developable land.
A CMBS loan of $19.5 million in the pool FREMF 2017-KF29 encumbers the two properties. The financing was originated in 2016 at a nominal rate of 3.6 percent. The loan is due in 2024.
In 2019, Harvest Equities purchased another San Antonio apartment community, Vantage at Judson—a 288-unit property now known as Judson Pointe. The company used a $27 million loan provided by Prime Finance Partners to acquire the asset.