SAN ANTONIO-A Newport Beach, CA buyer's active presence in the market helped with its acquisition of the 300-unit Villages of Deerfield. CWS Capital Partners LLC purchased the 11-year-old asset for south of the $22.8-million list price.
"The buyer is an active owner and operator in Texas. That [the acquisition] was very appealing to the sellers, because they know the area very well, and know the rent structure," comments Patton Jones, Apartment Realty Advisors' sales director for the Austin and San Antonio offices. Jones represented the seller, MBS Cos. of Metairie, LA with Brian O'Boyle, principal with ARA's Dallas office. CWS was represented in-house through its acquisitions department.
Jones tells GlobeSt.com that the asset at 14555 Blanco Rd. attracted 11 written offers, which is a strong showing for the area's north central submarket. "This was a good showing," he notes. "This isn't a core asset; it's not new construction, so you typically won't have institutional dollars chasing something like this. What you're looking for, and what we got, were private buyers, value-add buyers, or buyers using institutional money."
He adds that the new owners, which will self-manage the complex, plan to upgrade the interiors and boost rents. The 89%-occupied Villages of Deerfield consists of 25 residential buildings and three administrative buildings situated on 13.5 acres. The complex offers one- and two-bedroom units measuring from 611 sf to 1,181 sf. The monthly rents are between $689 and $1,119.
"This is a nice area from the tenant perspective, with good infrastructure," Jones says. "It's in an area of single-family homes, and the property itself is brick, with attached garages, which the investors liked. This was a great deal to get our arms around."
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