(Read more on the multifamily market.)

SAN ANTONIO-Sterling American Property Inc. has disposed of two-thirds of its local multifamily portfolio, selling the 216-unit Oak Ridge Apartments and 327-unit Park West Apartments to a private capital group from the West Coast. Oak Ridge was listed at $10.5 million and Park West at $11 million.

Because Texas is a non-disclosure state, the sale prices are off limits for the 95%-leased assets. But, similar class B complexes have traded for $50,000 to $55,000 per unit in the city.

Park West Apartments, situated at 11845 West Avenue, is about 10 miles west of the Oak Ridge complex, which is located at 1120 Perrin Beitel Rd. Sterling American also is holding a contract from a different buyer to sell its last asset in the city, the 164-unit Whispering Hills Apartments at 13858 O’Connor Rd. The $8-million listing is slated to close later in the summer. The trio hit the market as a portfolio in February.

Don Ostroff, senior director for Dallas-based Cushman & Wakefield of Texas Inc., says Heftel Media of Los Angeles beat 17 other offers for Park West and the Oak Ridge. Some offers were one-offs and some for the entire portfolio.

“We’d sold Parliament Bend Apartments to Heftel late last year, which was next door to Park West,” Ostroff tells GlobeSt.com. “The buyer wanted to double up and get Park West. Since Oak Ridge was available, he went after that too.” The 232-unit Parliament Bend is situated at 11838 Parliament St.

Ostroff says the buyer’s reputation for closing its deals was attractive to the seller. Additionally, he says “the seller liked dealing with someone who had local knowledge and experience.”

C&W associate Lamont Rattler says Heftel Media, which manages its properties, will make interior and exterior upgrades to both complexes although overall they are in good condition. “They’re well located so they’ll modernize them and bring them up to date,” he says. The C&W team also included Dallas associate Jason Boyce and director Rex Jones, who covers C&W’s Central Texas region. The amount of the cap-ex is still being determined.

Oak Ridge Apartments has one- and two-bedroom apartments ranging from 471 sf to 945 sf. Its monthly rents are $519 to $754.

Park West Apartment, also one- and two-bedroom units, go from 413 sf to 823 sf. Its rents are $449 to $659 per month.

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