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June 18, 2013

The Fountains of San Antonio Purchased by Metonic Real Estate Services

By Anca Gagiuc, Associate Editor

The Fountains of San Antonio multifamily complex has been acquired by Metonic Real Estate Services, an Omaha-based private investment management company. This is not the first property the investors purchased in Texas, the metro area of the city seeming really attractive to them. In February of this year, they became the owners of Sierra Ridge, a 230-unit apartment community located at 1401 Patricia Drive in North Central San Antonio. 

“We are looking to expand our footprint in Texas,” said Brian Morrissey, managing principal of the firm. “The San Antonio market boasts excellent fundamentals and has yielded exceptional opportunities for our investors.”

The Fountains of San Antonio community was built in 1978. It holds 101 apartment units that encompass 103,190 square feet of buildings and grounds. Located at 8630 Fairhaven St. in Northwest San Antonio, it sits in close proximity to the Medical Center of San Antonio, with easy access to Interstate 10 and Loop 410. The occupancy of the apartment community is currently at 98 percent. The new owner intends to upgrade the exterior and interior of the property to attract new residents for the unoccupied percentage and increase retention among the current tenants.

Another Omaha-based firm, Seldin Co., assumed the management responsibilities at closing. Seldin specializes in property management, brokerage and development services and has been in the market since 1923. Currently, it manages more than 11,000 apartment units in Nebraska, Iowa, Oklahoma, South Dakota and Texas.

Metonic Real Estate Services has been in the market for almost a century, with a focus on discovering and creating value. Its strategy targets multifamily communities, office and retail properties, offering the full array of real estate services.

Photo credits: www.thefountains.seldin.com