SAN ANTONIO-Adams LaSalle Institutional Apartments has made itsfirst acquisition in the Alamo City, buying Three FountainsApartments from a TIC investor.
The Chicago-based investor bought the 272-unit, class Acommunity for an undisclosed amount, placing a new Freddie Mac loanon the property at closing. Industry experts estimate ThreeFountains Apartments traded for about $22 million.
Including its acquisition of Three Fountains, Adams LaSalle haspurchased three multifamily properties this year, according to TimBurns, a principal with the company. “We are actively pursuinggrowth,” he tells GlobeSt.com. “We would like to buy 2,000 to 3,000units in 2011.”
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