Kairoi snags apartments in San Antonio
Borrowed $57M to help finance purchase of 23-year-old medical center complex
Kairoi Residential acquired a large apartment complex in San Antonio’s Medical Center recently, spotlighting a hot investor market with strong job and population growth.
The local firm, headed by Michael Lynd, bought the 612-unit Signature Ridge apartments at 3711 Medical Drive, just west of Interstate 10 on the city’s Northwest Side, the San Antonio Business Journal reported. Kairoi acquired the site from CBRE’s investment management division.
Terms of the deal were not disclosed, but Bexar County Records show that the firm borrowed almost $57.3 loan from Berkeley Point Capital, a Newmark subsidiary, to help finance the purchase. The property was recently valued at $88 million by the Bexar County Appraisal District.
It was built in 2000, and CBRE bought it in 2018, according to appraisal district records.
“Investors have seen the local multifamily market as one of the safest bets,” the publication wrote.
Signature Ridge has 1-, 2- and 3-bedroom floor plans, ranging from 600 to 1,300 square feet. Rents start at $933 for the smallest units and range up to almost $1,800. Amenities include a clubhouse with a full kitchen and lounge area, two pools, a dog park, picnic area with grills, fitness center and a business center, according to its website.
Kairoi owns several other apartment complexes in San Antonio, such as the 274-unit Hawthorne House and 330-unit Sterling at Oak Hills. Both of those sites are also located in the Northwest Side near the Medical Center — a mixed-use development with medical, retail and restaurant space.
Elsewhere in Texas, Kairoi aims to redevelop a 71-acre industrial site in Austin into a mixed-use complex with 2,000-plus residences, offices, a hotel, shopping plaza, restaurant space and possibly a theater or music venue.
In the Dallas-Fort Worth area, the firm is developing a $55 million, 55-unit apartment complex.