Sun Equity pays $100M for San Antonio apartment portfolio

Four complexes total 1,230 units and are “value-add opportunities”

New York /
Aug.August 20, 2021 05:00 PM
Park Vista Apartment Homes is one of the four apartments in the deal (Rosewood Realty)

Park Vista Apartment Homes is one of the four apartments in the deal (Rosewood Realty)

Investment and development firm Sun Equity Partners paid just under $109 million for a portfolio of four apartment complexes in San Antonio.

The properties total 1,230 units and 975,000 square feet. They are: Park Vista Apartment Homes, Pearl Park Apartment Homes, Merida Apartment Homes and La Silva Apartment Homes. The complexes were all built between 1964 and 1986.

Rosewood Realty Group announced the sale and brokered the deal. CEO Aaron Jungreis represented New York-based Sun Equity while Matt Yeckes and Jonathan Brody represented the seller, Texas-based Kairoi Residential.

Brody called the properties “value-add opportunities for new ownership looking to expand their regional portfolio and capture the upside.” The average price per unit penciled out to $88,414 with a cap rate of 4.96.

As in other markets across the nation, home prices have been surging in San Antonio, which has priced many people out, boosting the rental market.

Yeckes said New York-based Rosewood’s national division has closed on roughly $300 million of off-market multifamily properties in several Texas markets within the last year.


Related Articles

arrow_forward_ios
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
The slowing of the housing market has squeezed the profit margins of house-flipping investors. (iStock)
Profit margins on fixer-uppers fall to 10-year low
Profit margins on fixer-uppers fall to 10-year low
The Saratoga County construction company owner defrauded homebuyers and lenders out of $1 million, spending money on himself or other jobs rather than the homes he promised to build. (iStock)
Upstate homebuilder gets prison for failing to deliver
Upstate homebuilder gets prison for failing to deliver
Quick turnaround times have luxury buyers considering modular as an alternative to traditional construction for grandiose homes. (iStock)
Modular construction works for luxury homes, too
Modular construction works for luxury homes, too
Ribbon co-founders Shaival Shah and Wei Gan (Ribbon, iStock)
Homebuying startup Ribbon to take on Midwest, West Coast markets
Homebuying startup Ribbon to take on Midwest, West Coast markets
(Compass)
Waterfront home in Water Mill asks $19.5M
Waterfront home in Water Mill asks $19.5M
Loy Carlos leaves Corcoran for Serhant luxury unit
Loy Carlos leaves Corcoran for Serhant luxury unit
Loy Carlos leaves Corcoran for Serhant luxury unit
Deconstruct Podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...