SAN ANTONIO, TX - National Asset Services (NAS), one of the Country's leading commercial real estate companies, has successfully delivered a buyer for a multifamily property in San Antonio, Texas, netting a selling price of over 32% greater than the average offer. The company also delivered an 18% cumulative return for the property's 24 tenants-in-common (TIC) investors, during the property's hold period.
An extensive eight-month negotiating period with multiple potential buyers resulted in the property's recent close of a sales transaction that was 32% greater than the average offer.
Achievement of the positive results occurred, despite significant hailstorm damage to the property in April 2016. NAS executives acted quickly to mitigate the negative impact to the property's occupancy immediately after the storm. Acting as project manager, NAS management worked with the property's insurance adjusters, lender, general contractor and various third parties to restore the property, as fast as possible, to good condition.
Leasing strategies, designed to maintain occupancy, included improvements to vacant units including new appliances, new flooring and wall coverings along with strategic economic incentives.
NAS worked with Berkadia Real Estate Advisors, Austin, Texas to facilitate the property's recent sale.
"The Crescent is a good example of our ability to proactively manage towards the long term goal of a positive return for our clients, while reacting quickly and prudently to an event that can potentially impact property operations," commented Karen E. Kennedy, President and Founder of National Asset Services. "We are pleased that our performance at The Crescent resulted in the very best possible outcome for our clients."
Originally constructed in 1993, the 24-member TIC group, in which one TIC member position was comprised of 68 other investors, purchased the luxury-apartment-home community in 2007. Situated on 14.6 acres, the 303,422 square-foot complex consists of 306 spaciously designed, luxury apartment homes. The apartment community is located in the prestigious Alamo Heights area of San Antonio, adjacent to The Quarry Golf Club, an 18-hole championship golf course.