The Deerfield, IL-based seller's parent, Benjamin Sherman & Sons Inc., turned over the deed to 3500 Oakgate Dr. at 94.5% occupancy. The complex, situated on 10 acres, is a mix of one- and two-bedroom units, ranging from 625 sf to 1,325 sf. Monthly rents go from $521 to $799.
Charles Cirar with CB Richard Ellis in Austin represented the seller while the Santa Ana, CA-based Triple Net had its in-house team working the deal. Triple Net, buying on behalf of tenant-in-common investors, financed the deal through Charlotte, NC-based Wachovia Bank. David Pike arranged financing for the 36-building asset, situated close to Interstate 10 and Loop 410.
Last fall, Triple Net acquired the Dallas piece, the 494-unit Chatham Court/Reflections Apartments, also built in 2000. With the San Antonio sale, the BES Westlakes Fund is closed out.
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