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11/07/24
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Arya Grove, a 308-unit, value-add multifamily asset located in Universal City, TX, was acquired by Knightvest Residential. The property was sold by Austin-based Internacional Realty.
Built in 2006, Arya Grove is a garden-style community that features a mix of one-, two- and three-bedroom units with an average unit size of 800 sf. Community amenities include a pool with a sundeck and grilling stations, picnic and courtyard areas, a recently upgraded fitness center, a dog park with agility course, a playground and controlled access gates. The property offers significant upside potential through the opportunity for interior upgrades.
Arya Grove is strategically located at 11801 E Loop 1604 N., near premier retail, restaurant and entertainment destinations such as The Forum at Olympia Pkwy, Live Oak Town Center and Northwoods. The property further benefits from its proximity to abundant employment opportunities and a highly-educated workforce, making it an attractive choice for professionals seeking a balanced lifestyle close to work and leisure.
Newmark Multifamily Capital Markets Vice Chairman Patton Jones, Executive Managing Director Matt Michelson and Managing Director Andrew Dickson represented the seller in the deal. The price was not given out.
"Arya Grove presented investors with a compelling value-add investment opportunity in the fast-growing northeast submarket of San Antonio,” said Jones. “Universal City is highly desirable because of limited multifamily supply, excellent schools and solid demographics.”
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