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1/08/15
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Hayden Properties, out of Lake Oswego, OR, has acquired Castle Hills Townhomes, a 149-unit luxury townhome-style apartment community in San Antonio, TX. The terms of the sale were not released.
Built in 1998 on approximately eight acres one block east of Northwest Military Hwy, Castle Hills Townhomes is a unique community featuring large townhome-style units, most of which have attached direct-access garages. The property is in proximity of several of San Antonio’s strongest employment centers, including the South Texas Medical Center and the United Services Automobile Association’s (USAA) world headquarters.
Castle Hills Townhomes features six unique one-, two- or three-bedroom townhome floorplans, with the average unit being 1k sf in size. Amenities include high-speed Internet access, stainless steel appliances, garden tubs, faux-wood floors, brushed nickel fixtures, attached garages, gated access and a swimming pool.
Institutional Property Advisors (IPA) executive director Will Balthrope and IPA director Drew Kile represented the seller, Sendera Investment Group LLC of Austin.
“Castle Hills Townhomes is well positioned to provide continued rent growth potential and value appreciation in one of the nation’s most stable markets for multifamily investment real estate,” says Balthrope. “The property’s well-designed townhome-style floor plans, high accessibility and central location make it an excellent commercial real estate investment. The previous owner completed an exterior renovation program and the interiors of 63 percent of the apartments have been upgraded, paving the way for the new owner to achieve further upside through completion of the unit enhancement program.”
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