Abe Bhimani, a partner with Mosaic Residential tells GlobeSt.comthat the 95%-occupied asset at 601 N. Park Blvd. is awell-performing asset. The upside, he notes, will involve bumpingthe rents.

"There are lots of people out there saying the value-add productis going away, but it's working well for us," he comments. "Allseven of our properties are either renovated or under renovation.We're currently increasing rents on them." Bhimani notes thatbefore renovation, rents tend to be between 15% and 20% below thestandard market rate.

The complex, situated on 12 acres, was built in 1986 and hasone-, two-, and three-bedroom units. Unit sizes range from 606square feet to 1,244 square feet, while current rents are between$660 and $1,099 a month. Mosaic Residential assumed the existing$10.3 million Fannie Mae loan, which is serviced by Deutsche Bank.The loan expires in 2016 and carries a 5.93% interest rate. Marcus& Millichap Real Estate Investment Services Balthrope Group inDallas represented the San Antonio, TX seller.

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