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.
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