SAN ANTONIO—Orem, UT-based Keller Capital has acquired Bell Tower, a 104-unit, 92-percent-occupied multifamily asset in northwest San Antonio. ARA, A Newmark Co. (ARA Newmark) brokered the sale.
ARA Newmark managing director Matt Michelson represented the seller, a private investment group based out of California.
"Competition on the deal was steep,” Michelson told GlobeSt.com. “We had multiple offers on the table prior to the official offer date. This further illustrates the continued strength in the San Antonio investment market for multifamily."
Constructed in 1983, Bell Tower is a class B, garden-style apartment community in a solid infill location with outstanding value-add potential. The property is equidistant from two of San Antonio's largest employment bases, which includes South Texas Medical Center (STMC) and USAA, located minutes east of the property, and Westover Hills to the west.
Units at Bell Tower average 786 square feet, and include interior features such as kitchens with pass-through bars, oversized walk-in closets, large patios and abundant outdoor storage. There are three unique floor plans that range from a 672-square-foot one-bedroom to a 1,006-square-foot two-bedroom design. Property amenities include a swimming pool, sports court, on-site laundry facility, separate leasing office and resident clubhouse with fireplace, lounge area and kitchen.
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