SAN ANTONIO — Cooper Street Capital has acquired South Hill Apartments, a 174-unit complex in southeast San Antonio. Zar Haro, Moses Siller, Bryan VanCura, Brian Booth and Phil Grafe of Northmarq represented the undisclosed seller in the transaction. South Hill Apartments was built in 1965 and offers one-, two- and three-bedroom units. Amenities include three pools, tennis courts, a playground and a business center.
SAN ANTONIO — Urban Moment, an Austin-based developer, has begun pre-leasing YardHomes Juniper Pointe, a 248-unit community in San Antonio. Units will come in one-, two- and three-bedroom floor plans, with each unit having 250 square feet of private outdoor space. Amenities include a pool, fitness center, outdoor grilling and dining stations, an outdoor event lawn and green spaces. The first move-ins at the property are scheduled to begin after a grand opening ceremony in November.
FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of Luna Vista, a 236-unit complex in Fort Worth. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were locally based investment groups that requested anonymity. The 32-building property was built in 1979 at the intersection of I-30 and Loop 820 on the city’s east side. The new owner plans to implement a value-add program.
Houston apartment owners are still navigating through stormy weather, not just because hurricane season has kicked off. A surge in new supply, strains on net operating income (NOI) and capital markets pressures are testing the mettle of Houston developers and investors. “Without a doubt, the big story is all the challenges hitting from every direction: a very tight lending market, stubbornly high construction costs, interest rates and insurance costs,” says Dennis (D.J.) Blanchard, vice president of development and legal affairs with Sueba USA Corp. “Firms have to be well-positioned to …
GUNTER, TEXAS — Wolfe Investments has begun leasing Four Cedars Apartments in Gunter, about 52 miles north of Dallas. The property offers 88 one- and two-bedroom units, as well as amenities including pool, clubhouse and outdoor grilling and dining areas. Rents start at $1,450 per month for a one-bedroom apartment. The first move-ins are expected to begin this December.
SAN MARCOS, TEXAS — Woodfield Development and ApexOne Investment Partners have secured construction financing for Riley’s Pointe, a 360-unit development in the Austin suburb of San Marcos. The garden-style community will rise three stories within the larger Riley’s Pointe master planned community, which will also include commercial and retail space. A construction timeline for the project was not disclosed. Adam Bieber and Alec Jenkins of BWE arranged a senior loan through a major regional bank, and a preferred equity investment through a Private Equity firm.
DALLAS — Transwestern Real Estate Services has brokered the sale of Bellrock Bishop Arts, a 207-unit community located at 1836 W. Davis St. in Dallas. Transwestern’s Tyler Gauntt, Rye Hinkle, Chris Stutzman and Bryan McMurrey represented the buyer, The Paskin Group, in the 1031 exchange. Bellrock Bishop Arts was built in 2012. The asset comprises two residential buildings and offers amenities such as a fitness center, dog park, pool, clubhouse and social lounge. The property was 95 percent occupied at the time of sale.
SAN ANTONIO, TEXAS — Greysteel has brokered the sale of Park at Rialto, a 274-unit community located in the northwest side of San Antonio. J.R. Ellis and Matthew Romanchuk of Greysteel’s national multifamily team negotiated the sale on behalf of the buyer and seller. Both the buyer and the seller were undisclosed. Park at Rialto was built in 2017. The garden-style community offers amenities such as a pool, media lounge and exercise center.
SAN MARCOS, TEXAS — Vanguard Real Estate Advisors has negotiated the sale of a development site in the Central Texas city of San Marcos. Jordan Cortez, Mason John and Haley Birmingham of Vanguard represented the buyer, Woodfield Development. The site comprises 22.8 acres at the southwest corner of Staples Road and Old Bastrop Highway. Woodfield Development plans to develop a 360-unit complex called Addie’s Point at the site.
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Asset Living Emphasizes Occupancy, Efficiency as Market Conditions Soften
Sensing a shift in the wind, multifamily property manager Asset Living is preparing for a bumpier leasing environment amid rising supply, slowing rent growth and overall economic uncertainty. While an adjustment, it shouldn’t come as a complete shock, says Robert Hicks, an Asset Living division president in charge of the conventional multifamily business in the western United States. Over the past handful of years, the sector has enjoyed some of the highest occupancies he has seen in his 25-year career in the industry, he points out. At the same time, …