SAN ANTONIO-Locally based American Opportunity for Housing/American Agape Foundation Inc., operating under the entity name AOH-Vantage at Fair Oaks LLC sold its 288-unit Vantage at Fair Oaks to an Orange County, CA-based REIT. The price was not disclosed, however, the Bexar County Appraisal District assesses the just-opened housing project for $22.6 million.
The property, at 8700 Starr Ranch Road, was recently completed and open for business. According to AOH’s website, the company develops and maintains mixed-income affordable housing for working families, targeting infill locations and suburban areas that are close to schools, neighborhood shopping centers and employers.
The transaction was negotiated by Mike Miller, Chris Ross and Will Caruth of the San Antonio office
of Hendricks-Berkadia. According to a press release describing the transaction, the average area vacancy rate declined to 2.5% during Q4 2012, with the average market rent increasing 1.2% to $746.
The multifamily property offers one-, two- and three-bedroom units, ranging in size from 597 square feet to 1,150 square feet. Monthly rents are between $825 and $1,324.
A spokesman for Hendricks-Berkadia tells GlobeSt.com that the new owner will change the name of the complex, but a new name hasn’t yet been decided.