Right Financing Seals Deal
- Jun 18, 2015
San Antonio’s apartment market is pretty hot, with sellers pushing new record pricing on quality assets. The latest sale to prove this statistic is Sir Winston Villas Apartments, a boutique multifamily asset located in Northcentral San Antonio. But closing it required the right mix of factors.
San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, represented the seller. The team handling the transaction included associates Brandon Lo Porto and Scott Weems, and managing director Brent Smith. The buyer is a California-based private investor familiar with Texas.
“The property has a unique business model, with most units leased as corporate suites. We identified the right buyer who could continue to operate the property as corporate suites,” said Weems. “Finding the right source of financing was key to making this transaction work. We set a record sales price for 1980s construction with this sale,” he added. The price was not disclosed, but Bisnow reports that the transaction closed at a sub-5 percent cap rate.
The property is a 32-unit apartment complex located at 11903 Parliament St. near the San Antonio International Airport and Castle Hills. It offers one- and two-bedroom, fully furnished units for as much as $1,900 per month, including utilities.
Photo courtesy of Sir Winston Villas Apartments