SAN ANTONIO and AUSTIN, Texas – January 27, 2020 – Berkadia today announced the sale of and financing secured for Vantage at Boerne, a 288-unit garden-style multifamily property in Boerne, Texas. Managing Director Michael Miller, Senior Director Will Caruth and Director Cody Courtney of Berkadia’s San Antonio office completed the sale on behalf of the seller, Texas-based American Opportunity for Housing. The buyer was an undisclosed entity, and the deal closed on December 18, 2019.
Director Cameron Hart of Berkadia’s Austin, Texas office secured the acquisition financing for the property on behalf of the buyer. The 10-year Freddie Mac loan features full interest only.
“Vantage at Boerne presents a rare opportunity for an investor to acquire a new construction deal in a great submarket with an interior value add component,” said Miller. “The ability to upgrade the appliances, cabinetry, countertops and both plumbing and lighting packages to achieve premium rental increases is what made this asset so heavily desired.”
Located at 135 Old San Antonio Road, Vantage at Boerne features one-, two- and three-bedroom floor plans with in-unit washers and dryers, digital thermostats and air conditioning. Community amenities include a fitness center, a pool, a business center, a clubhouse, a pet park and several outdoor grilling stations. Residents are afforded convenient access to Interstate 10 and the shops and restaurants along Old San Antonio Road.
Nonprofit Sells 288-Unit Apartment Community | Real Estate Center: Texas A&M University