SAN ANTONIO-Atlanta-based Wood Partners LLC has sold the 300-unit, just-completed Alta Stone Oak Apartments in an off-market transaction with a Colorado buyer. The deal's brokers won't the price, but comparable assets in the area have traded for $100,000 per unit.
Alta Stone Oak, a nine-building complex at 21739 Hardy Oak Blvd., had been completed a few months and was on the way to lease-up when Chatwood Management of Evergreen, CO came to town with 1031 exchange money. "It just clicked that this would be a nice fit. We contacted Wood and Wood said the whole thing would meet its timeline so off we went," says Pat Jones, sales director in Austin and San Antonio for Apartment Realty Advisors. He and ARA principal David Wylie brokered both sides of the deal.
Jones says the deal was Chatwood's first in Texas. "This is a private company, not a company that does acquisitions and dispositions for a living. They own and operate for a living," Jones tells GlobeSt.com. Greystar Management in Houston will lease the asset.
Jones points out that the 92%-occupied Alta Stone Oak's location is surrounded by new master-planned communities and multifamily complexes. As a result, he explains some investors might need to live with short-term concessions for renters. "But from the long-term perspective, investment in that area is fantastic because it's in the path of growth," he says.
Situated on 13.72 acres, Alta Stone Oak Apartments has one-, two- and three-bedroom units, which range from 648 sf to 1,549 sf. Its rents go from $710 to $1,645 per month.
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