San Antonio Investor Scores Financing for 312-Unit Rental Asset
Strategic Property Investment has secured a $40.3 million loan for Birwood Heights, a 312-unit community in San Antonio. Multihousing News reports the non-recourse bridge loan features a three-year initial term with a stabilized 6.45 percent debt yield and 80 percent LTV, which would value the property at $50.4 million.
Birwood Heights was delivered in 2019. It features one- to three-bedroom floor plans that average 975 square feet. The community’s amenities include a swimming pool, gym, outdoor grilling areas and resident lounges.
Located at 4003 N. Loop 1604 W. on more than 27 acres, the property is less than 5 miles from Interstate 10, within San Antonio’s north submarket. USAA’s headquarters, the South Texas Medical Center and The University of Texas at San Antonio. are all nearby.
IPA Capital Markets’ Brandon Roth, Adam Mengacci and Travis Headapohl arranged the debt placement.
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29th Street Capital sold the Peakline at Copperleaf apartments for $72.5 million, a significant dip from the price the company paid for the property four years ago. The company paid $104 million from the development iin 2022. Multifamily News reports that the Michelson Organization acquired the property with the help of a $30.6 million five-year...
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Apartment, Townhome Complex in Sammamish Trades Hands
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Embrey to Raze Alamo Heights Rental Units, to Build 296 New Ones
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout