SAN ANTONIO, TX - MBP Capital, Inc., a multifamily investment firm, headquartered in Denver, Colorado with offices in Dallas, Texas, recently announced the acquisition of Honey Hill Apartments, a 346-unit multifamily asset in the highly sought after “Medical District” in San Antonio, Texas.
MBP has hired Catalyst Multifamily of Dallas, Texas, to handle the day to day property management responsibilities. Chris Ross, Mike Miller, Will Carouth, and Cody Courtney of Berkadia San Antonio, represented the Seller of Honey Hill.
The Honey Hill property is a true “value add” opportunity which will involve $3M worth of capital improvements in the first 12-18 months, and will include full interior renovations, full exterior paint, new patio and balcony fencing, outdoor amenities, clubhouse remodel, and extensive landscaping upgrades among other things. The new ownership group will look to raise rents by nearly 30% from the current averages. Honey Hill had never been previously sold and will be rebranded upon completion of the capital projects.
MBP Capital finished 2016 with over $55M worth of transactions in Q4, which consisted of three acquisitions and one disposition. In addition to Honey Hill, MBP Capital, in an off market transaction, purchased Bradfield Place, a 96-unit property, located in Garland, Texas. They also purchased Riverbend Village, a 201-unit, located in Arlington, Texas. Dirk Goris and Danny Baker of CBRE Dallas, represented the Seller of Riverbend.
The sole disposition in 2016 was The Monterey Apartments (FKA Kirkwood Park) a 160-unit property located in Irving, Texas. MBP nearly doubled the value of the asset within the 24 months of ownership.
MBP Capital is national multifamily investment firm that focuses on the Texas and Colorado multifamily markets. Mike Phillips, President; Cathy Finn, Vice-president; and, Ryan Heddleston, Director of Brokerage & Acquisitions.