Dallas Investors Sell 563 Units in Central Texas

The recently sold assets are the 244-unit Aztec Spring Apartments at 2167 NE Loop 410 and 319-unit Granite Oaks Apartments at 3903 Barrington St., both in San Antonio. The Denver buyer intends to spend about $3,000 per unit on Aztec Spring and $5,000 per apartment at Granite Oaks, Tom Warren with Phoenix-based Hendricks & Partners' Dallas office tells GlobeSt.com.

The Dallas-based seller of record, ABRO Partners LP and OM Partners LP, owned the holdings about four years. "It was somewhat of a distress sale," Warren says, explaining that occupancy at Aztec Spring had fallen to 80% and Granite Oaks had dipped to 60%. Warren says the buyer-seller match was an unsolicited bid to take over the holdings, positioned in the northern sector near the city's medical district. He says the syndicate buyer, Vision Real Estate, owns 800 units in Dallas and 500 in Austin.

Aztec Spring, built in 1966, contains 130 one-bedroom floor plans, 104 two-bedroom units and 10 three-bedroom designs, averaging 942 sf. The 30-year-old Granite Oaks has 111 one-bedroom apartments, 122 two-bedroom units and 64 three-bedroom designs, averaging 987 sf.