Capstone Expands Property Management Portfolio
- Feb 02, 2018
Capstone Real Estate Services has grown its management portfolio with the addition of four communities across Texas and New Mexico. The new contracts include more than 600 apartments in Denison, San Antonio and Alvin, as well as a 188-unit multifamily property in Albuquerque.
Located at 3415 Southbend Drive in Denison, just south of the border with Oklahoma, the Residences at Gateway Village came online last year. Including 180 luxury apartments across seven three-story buildings, the community features a resort-style swimming pool, fitness center, clubhouse and a business center. Parking is available for residents on-site for an additional fee.
Blanco Crossing is a 324-unit property situated at 13999 Old Blanco Road in San Antonio. Drought Properties owns the community, which was completed in 1994. Blanco Crossing was 93.2 percent occupied as of December 2017, according to Yardi Matrix data. Featuring two swimming pools, a fitness center, three separate laundry facilities and almost 700 parking spaces, the property offers residents a mix of one-, two- and three-bedroom units.
Affordable housing communities
The other two multifamily properties under Capstone management offer affordable housing. The Oaks at Mustang, containing 126 units at 2101 Mustang Road in Alvin, was formerly known as Garden Gate Apartments. A private investor acquired the property in November 2017 for $4.8 million, according to Brazoria County records. Residential amenities for the nine-building community include a swimming pool and on-site parking.
The fourth community, Villas Esperanza, is located at 3901 Lafayette Drive, N.E., in Albuquerque and was built in 2002 by Marcrum Management. The Amerland Group acquired the asset in 2004. Comprising 188 units across 24 two-story buildings, the community contains a mix of one- to four-bedroom apartments. The amenity base include on-site laundry facilities and covered parking.
Last December, Capstone expanded its property management portfolio in the Southwest by more than 1,000 units.
Images courtesy of Yardi Matrix