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March 23, 2019
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MULTIFAMILY NEWS
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Sterling Real Estate Partners Boosts TX Res Portfolio with 230-Unit Buy

3/07/19

Sterling Real Estate Partners has acquired Sierra Ridge Apartments, a 230-unit complex in San Antonio, TX, for $16.5 mil ($71.7k/unit). In the last 12 months, Sterling has acquired four properties totaling over $100 mil in central Texas.

Built in 1981 and currently 94% occupied, the property is located at 401 Patricia. It is slated to receive value-add upgrades under the company’s business plan. Most of Sierra Ridge’s one- and two-bedroom units have not been upgraded, providing the buyer a significant opportunity to implement value-add strategy on the majority of the property.

“The property is great opportunity to implement our core business strategy,” said Michael Barker, Sterling principal. “Neighboring properties have been fully renovated and Sierra Ridge will benefit from our renovation plans.” Sterling’s plans for the asset include improving amenities, enhancing curb appeal, and correcting deferred maintenance.

Michael Wardlaw with CBRE represented both parties in the transaction. Debt financing was provided by Walker & Dunlop.




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