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Improvements on Tap for Multifamily Acquisition

SAN ANTONIO, TX—The acquisition of Chestnut Park is part of Sterling’s planned focus on investing in value-add, class-B and C multifamily assets located in Southwestern US markets.

Chestnut Park Chestnut Park is a 145-unit apartment complex situated in the Castle Hills submarket.

SAN ANTONIO, TX—Chestnut Park Apartments, the 145-unit apartment complex situated in the Castle Hills submarket of North Central San Antonio, consists of 13 two-story buildings. It has been acquired by Sterling Real Estate Holdings, a joint venture between Barker Pacific Group and Pacific Real Estate Partners. The purchase price was undisclosed.

The acquisition of Chestnut Park is part of Sterling’s planned focus on investing in value-add, class-B and C multifamily assets located in Southwestern US markets, including San Antonio, Austin, Phoenix, Las Vegas and Reno, NV. The firm has secured capital with a US-based institutional investor that will invest alongside Sterling in similar transactions on a programmatic basis. Sterling plans to invest more than $1 million into the property to improve and add new amenities, such as a fitness center and dog park, and to renovate the interior units.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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