X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN ANTONIO-A Dallas investor sells his last property in the area, disposing of the 219-unit Sonoma Canyon Apartments to a Provo, UT-based private company. Buyer Sheffield Enterprises Ltd., operating as JSK-Sonoma LLC, has paid just south of the $7.35-million ask.

Patton Jones, sales director in Austin and San Antonio for Apartment Realty Advisors, seller Bruder Co. trades in and out of properties on a regular basis so the sale of 8631 Fairhaven St. doesn’t represent a permanent departure from San Antonio. “This transaction had nothing to do with the market. The market is strong today and the property performed well while he owned it. He just wants to move into different assets,” says Jones, who listed the property with Apartment Realty Advisor colleague Jeff Pritchard. The brokers also helped Bruder to sell the Willows Apartments at 6400 Wurzbach Rd. in February 2006.

Jones says the buyer was brought to him by Dave Lawhorn of Investment Realty Co. “This buyer has a construction background and was excited about repositioning the property,” Jones tells GlobeSt.com. “We knew right off he was a serious buyer with a plan. That’s what you want on these older properties.”

Situated on 8.7 acres, the 1971-built Sonoma Canyon was 92% occupied at sale time. The 16-building complex has a mix of efficiencies, one- and two-bedroom units measuring from 483 sf to 990 sf. The monthly rent goes from $425 to $695. Jones says the buyer plans to rehab and self-manage the property.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.