SAN ANTONIO, TX – Berkadia announces it has arranged the sale of Chroma, a 248-unit apartment community located in San Antonio, Texas. The firm represented the seller, Flournoy Development Company, a real estate development, construction and management company based in Columbus, Georgia.
Berkadia’s Houston and San Antonio offices conducted the transaction. The professionals involved were Senior Managing Director Ryan Epstein, Senior Director Will Caruth, Managing Director Mike Miller, Director Chris Ross, and Associate Director Cody Courtney.
According to Berkadia’s Q3 Multifamily Report for San Antonio, over 5,000 units have been delivered so far this year and 20 apartment communities were under construction at the end of the third quarter. Effective rents have increased to an average of $913 per month, indicating anticipated demand that can be attributed to job creation stemming from construction of Frost Bank Tower in Downtown San Antonio, expansion of Port San Antonio, and Hulu LLC expansion.
“We’re seeing an appetite for multifamily assets that are not only new, but that also offer exceptional locations in well-performing submarkets,” said Epstein. “Investors are looking for properties that offer a range of high-quality amenities, as well as close proximity to major thoroughfares and employment hubs in the city.”
Built in 2016, Chroma is a 248-unit multifamily asset located at 5039 Hamilton Wolfe Road. One- and two-bedroom units include hardwood style flooring, island kitchens, private patios, granite counter tops, 9-foot ceilings, and washer and dryer. Chroma’s property amenities include a game room, business center, fitness center with spin room, resort-style pool, dog park, Wi-Fi coffee bar, attached and detached garages, and outdoor living areas.
Located in northwest San Antonio, Chroma is only minutes away from the upscale Huebner Oaks shopping retail center, featuring AMC Theaters, Banana Republic, and California Pizza Kitchen. The community is also only a five-minute drive from University Hospital University Health System and Methodist Hospital, and is a short drive from McDermott Freeway and Connally Loop.
About Berkadia®: Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com