SAN ANTONIO—With a laser focus on class-B and -C multifamily assets, one joint venture finds value in the northeastern San Antonio market. Sterling Real Estate Holdings, a JV between Barker Pacific Group (BPG) and Pacific Real Estate Partners, recently acquired La Fiesta Apartments for an undisclosed price. The 111-unit apartment complex is situated in the Alamo Heights submarket.
“La Fiesta is in a great location, and we see an opportunity to maximize its value by repositioning and improving upon the property,” says Michael Barker, principal at Sterling Real Estate Holdings, and BPG's CEO and managing director.
Built in 1970, the apartment community stands out in the market in that 68 of its 111 units have two bedrooms. The existing on-site amenities include picnic areas, a swimming pool, laundry facilities and a central garden courtyard. Sterling plans to invest in the property by improving landscaping and other common areas, as well as renovating apartment interiors.
La Fiesta is Sterling's second San Antonio-area acquisition following its 2016 purchase of Chestnut Park Apartments in Castle Hills. It continues Sterling's focus on investing in value-add class-B and class-C multifamily assets throughout southwestern US markets.
“The San Antonio market offers some great investment opportunities,” said Baker tells GlobeSt.com. “This property will be a great value-add play and fits well within our growing portfolio of multifamily properties as we continue to search for additional acquisitions in San Antonio, Austin, Phoenix, Las Vegas and Reno.”
Sterling is geographically centered with a particular active focus on western and southwestern markets with significant regional growth characteristics, such as those key markets in Arizona, Nevada and Texas. The JV reserves the ability to pursue class-A opportunities selectively. The team generally focuses on lightly marketed and off-market deal opportunities, seeking to add value and improve properties with undercapitalized or overleveraged owners, fractured ownership situations, or under-managed or mismanaged assets. After an acquisition, adding value requires a proactive approach to each portfolio asset, and the team commits a heavy focus on day-to-day asset management, financial engineering, property rebranding and physical re-positioning, as well as reporting to optimize decision-making, GlobeSt.com learns.
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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.
