SAN ANTONIO--Berkadia has brokered the sale of The Enclave, a multifamily property located at 2555 N.E. Loop 410 in San Antonio. Managing director Mike Miller, director Chris Ross, associate director Will Caruth and junior associate Cody Courtney of the San Antonio office negotiated the sale, which closed on July 29.

The seller was PBC Acquisition Services LLC, a Phoenix-based company, and the buyer was an institutional investment fund from Salt Lake City.

"This institutional investment fund capitalized on a rare opportunity to acquire a large, class B asset in an emerging submarket with substantial rent growth potential," Caruth told GlobeSt.com. "Above-average historical occupancy at the property, combined with the demand for quality living, prompted new ownership to upgrade unit packages, allowing the new owner to capitalize on the strong momentum in the submarket."

Built in 1980, the 384-unit community is 97 percent occupied and features one- and two-bedroom floor plans. Unit amenities include fully equipped kitchens with electric appliances, pantries, walk-in closets, washer and dryer connections, outside storage and a patio or balcony. Select units also offer separate dining areas, fireplaces and upgraded flooring. Community amenities include a remodeled clubhouse, two pools, state-of-the-art fitness center, basketball and tennis courts, dog park, barbecue areas and full-service business center.

The Enclave, located near Loop 410 and Interstate 35, is situated five and a half miles from both the North Star Mall and the San Antonio International Airport. The area's top employers include Rackspace, the airport, Northeast Baptist Hospital and Fort Sam Houston.

Vacancy in the San Antonio metro area fell 70 basis points to 6.3 percent in the first quarter of 2015. Average asking rents appreciated 2.7 percent since the first quarter of 2014, reaching $885 in March of this year.