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January 24, 2021
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Passco Companies Acquires 338-Unit Multifamily Community in Texas

1/05/21

Passco Companies has acquired Lenox Overlook, a newly constructed 338-unit luxury apartment community in San Antonio. The project, which was purchased from Oden Hughes, will be rebranded as TruNorth at Bulverde.

Built in 2019, TruNorth at Bulverde is located at 17715 Overlook Loop, adjacent to Loop 1604. The community consists of one-, two-, and three-bedroom apartments and townhomes averaging 861 sf in size.

Units at TruNorth consist of vinyl wood plank flooring, kitchens with stainless steel appliances, quartz countertops, gooseneck faucets, designer tile backsplash and contemporary lighting. All units are equipped with walk-in closets, private balconies or patios, and in-unit washer and dryers.

Community resort style amenities include a swimming pool with a sundeck, swim-up bar, cabana, fireplace, hammock garden, and grilling stations. Additionally, the property offers state-of-the art indoor and outdoor fitness centers, a dog park and wash station, an executive boardroom with a business center and library, and a clubhouse with billiards and large flat screen TVs, among other features.

According to Gary Goodman, Senior Vice President of Acquisitions at Passco, the firm was attracted to TruNorth at Bulverde due to the San Antonio marketís exceptional fundamentals, including population growth that ranks second-highest in the nation, according U.S. Census Bureau data released earlier this year. Goodman adds that the community is situated within a top-rated local school district and offers close proximity to attractive retail and recreation options, including H-E-Bís new 117k sf Bulverde store and multiple golf courses, resorts, and parks.

Newmarkís Patton Jones represented the firm in the transaction. Caleb Marten of KeyBank Real Estate Capitalís Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

The purchase of this asset marks Passcoís fourth multifamily acquisition since September, adding 1,547 units to its portfolio in under four months. Within the same period, Passco sold three properties, bringing the firmís number of multifamily dispositions in 2020 to four.





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