Univest Purchases Luxury San Antonio Community

Park at Rialto previously traded in 2020. Image courtesy of Greysteel

Univest has purchased Park at Rialto, a 274-unit luxury community in suburban San Antonio, from Covenant Capital Group, Yardi Matrix shows. Greysteel brokered the deal.

The buyer also assumed the outstanding balance of a $28.1 million CMBS loan originated by Jones Lang LaSalle in 2020, according to the same data provider. The note had financed the property’s previous acquisition.

GenCap Partners completed the Class A community in 2017. The upscale property encompasses seven buildings spread across 9.3 acres. Units are divided into one-, two- and three-bedroom floorplans, ranging between 557 and 1,331 square feet. Common-area amenities include a fitness center, clubhouse, swimming pool, business center, along with more than 500 parking spaces.

Located at 25051 Interstate 10 W., Park at Rialto is close to several dining options and a Walmart Supercenter. La Cantera Town Center and The Rim are within a 7-mile radius. Downtown San Antonio is some 22 miles southeast.

Greysteel Senior Managing Director J.R. Ellis and Associate Matthew Romanchuk facilitated the transaction on behalf of both parties.

Multifamily sales drop in Alamo City

According to Yardi Matrix data, 45 properties changed hands year-to-date through October in the San Antonio market, a steep decline compared to the 145 communities that traded during the same time frame in 2022.

In one of the biggest deals in the market, Cortland sold a 416-unit luxury community for $71 million. Lincoln Financial Group provided a 15-year, $39 million acquisition loan.