SAN ANTONIO- San Antonio Commercial Advisors, an independently owned and operated member of the Cushman & Wakefield Alliance, brokered the sales of a 480-unit multifamily portfolio to a private California buyer. The two multifamily properties – the Portofino and Montage at North Point, were put on the market by a New York City financial institution identified through the Bexar Central Appraisal District as NorthStar Realty Finance.
Though the sales prices were undisclosed, Portfolio at 9400 Fredricksburg was assessed at $9.7 million, while Montage at North Point, at 3601 Magic Dr., was assessed at $7 million. The two properties are approximately 2.5 miles from one another.
According to a press release, San Antonio Commercial Advisors’ Multifamily Team, Brandon Lo Porto and Scott Weems, leveraged their relationships to identify a strong buyer to acquire a San Antonio portfolio with a history of transitional ownership. The California based private investor had proven experience in San Antonio and offered the seller a secure exit strategy from assets that had been problematic.
According to Lo Porto in a press release abou the transaction, “The challenge was accurately sourcing the most appropriate buyer with the flexibility to work with the seller as the subsequent lender. They would have shared long-term interests due to the financing relationship. Ultimately, the seller received fair market pricing while alleviating balance sheet stress. and the buyer purchased assets with accessible management upside.”