San Antonio, TX — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Oakwell Springs, a 252-unit community located in San Antonio, Texas.
ARA San Antonio-based brokers, Casey Fry and Matt Michelson, represented an undisclosed seller in the transaction. The property was sold to Dallas, TX-based Presidium Group, vertically-integrated diversified real estate investment and management firm specializing in opportunistic and value-added transactions throughout the United States. The new owner plans to upgrade and reposition the property.
“Oakwell Springs represents an excellent opportunity to reposition a Class C asset that sits within a strong area with good economic fundamentals”, says Fry. “Located in northeast San Antonio, the community is ripe for repositioning through enhanced amenities and upgraded interiors. Oakwell Springs is a true value-add acquisition.”
Built in 1972, Oakwell Springs is a garden-style apartment community comprised of one- and two- bedroom units. The property offers residents a variety of amenities including a fitness center, a swimming pool with a grilling area, a sports court, and a 24-hour access gate. In addition, the property is located at 1946 NE Loop 410, allowing residents convenient access to IH – 35 and US – 281.
Occupancy at the time of sale was 70%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA locally, please contact Allison Blount at [email protected] or 512.637.1229, or nationally, Amy Morris at [email protected] or 404.990.4902.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace resulted in an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.