(To read more on the multifamily market, click here.)

SAN ANTONIO-A California value-add expert has sold the class C Coronado Apartments to a first-time buyer in the market. The 178-unit Coronado’s purchase price came in close to the $6.35-million ask.

Bridge Partners Real Estate & Development Co. of Walnut Creek, CA had the 36-year-old complex at 9525 Lorene Lane on the market for two days, getting more than a dozen offers. Chris Ross, senior investment adviser with the San Antonio office of Hendricks & Partners, says the buyer, an Austin-based private investor, came forward with the highest offer.

“The seller had owned this for a couple of years and the timing was good for the sale,” says Ross, who brokered the transaction for both sides. He adds that Bridge Partners’ MO is to acquire value-add opportunities, renovate and resell them.

Although he declined to discuss how much Bridge Partners invested in renovations, Ross tells GlobeSt.com that the renovations had been extensive. And, there’s some upside potential still to be made. “There’s room in the near future to bump up the rents,” he says. The 90%-leased complex has monthly rates of $425 to $670 for one- and two-bedroom units ranging from 510 sf to 1,088 sf.

Coronado Apartments is situated in the north central submarket. “This property was a rehab-reposition play by the owner and is following the popular rehabilitation trend we’re seeing in a lot of B and C properties in San Antonio,” explains Patton Jones, sales director for Apartment Realty Advisors in Austin and San Antonio, who wasn’t involved with the transaction.

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