The 35-year-old Chivas Square Apartments at 3819 N. Meeks Dr. previously was in the portfolio of San Antonio-based American Agape Foundation. It's been on the market since summer 2005. "We had a lot of interested parties interested in this before the storm and it was actually under contract," Michael Miller, associate partner with Hendricks & Partners in San Antonio, tells GlobeSt.com. "But, Hurricane Rita came through 30 days before the date of closure and significantly damaged the property. The buyer decided not to go through with it."
Miller says the 30%-leased complex ended up falling into foreclosure. "No one wanted to do renovation to this after the storm," Miller says, "but it's in a pretty good area."
TriPro, though, was working on a nearby retail property which, in Miller's opinion, is why it was willing to take on Chivas Square. "They saw a good opportunity in a good area for a distressed property," he adds. "They thought they could renovate it and end up with a good return."
Chivas Square is made up of one- and two-bedroom units, with monthly rents running from $600 to $700. Chip Nash, an associate partner with Hendricks & Partners' Houston office assisted in the sale.
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