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SAN ANTONIO-Crystal Springs Apartments, a 252-unit complex, changed hands for close to its $9.5-million list. A condominium converter from Miami Beach bought the class B complex from Hall Financial of Frisco, operating under the name Crystal Associates Ltd.

Mike Miller, associate partner with Hendricks & Partners’ San Antonio office, says Hall Financial was the mezzanine lender on the property at 1946 N.E. Loop 410. He tells GlobeSt.com that the complex, situated on 8.4 acres, carried two liens, one of which was handled by Hall Financial about a year ago, and the other paid of by the new buyer at the time of sale.

The buyer, 1946 Property LLC, beat out five other offers during the 60-day marketing period because, in part, he agreed to handle the pre-payment penalty. In addition, “he had a phenomenal reputation for doing what he said he would and not retreating,” says Miller, the seller representative. “He did exactly what he said he would. He was a great buyer.”

The new owner plans to convert the 1972-built complex to condominiums, though specific dates for launch and completion on the units were not available. The buyer will also perform upgrades in the exterior. “The landscaping and grounds were in good shape, as were the interiors, but the property had some deferred maintenance,” Miller says. “They plan on fixing those issues.”

The 90% occupied complex has a mix of one- and two-bedroom units, measuring between 559 sf and 1,027 sf. The market rent per month is between $510 and $800. Tom Burns and Tom Warren with Hendricks & Partners’ Dallas office worked with Miller on behalf of the seller. Miami-based broker Joe Cordero represented the buyer.

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