SAN ANTONIO-Connell Real Estate & Development Co., based in Berkeley Heights, NJ, has finally landed a multifamily property in Texas. Asset Plus has sold its 270-unit Estates at Canyon Ridge apartment complex, which is valued at about $25 million. The all-cash sale price was not disclosed.
The seller developed the property in 2007, with the intention of selling it once it was leased up, says Will Balthrope with Dallas-based Institutional Property Advisors. He and Ryan Epstein handled the sale for the buyer and the seller. “The goal at the end of the day was to stabilize the property and sell it,” Balthrope tells GlobeSt.com.
The property is leased in the mid-90% range, he says. With amenities such as units averageing 1,200 square feet, gourmet kitchens, swimming pool and clubhouse and full attached garages, the apartment rents range from $890 to $1,745 per month.
Balthrope says Connell had been trying to enter the Texas market for the past year. This north central San Antonio market is a good submarket with vacancy at about 7% to 8%, he says. The buyer will continue to seek properties in the area, Balthrope says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.