SAN ANTONIO, TX - 37th Parallel Properties, a commercial multifamily acquisitions and asset management firm, announced it has recently closed on Summit of Thousand Oaks in San Antonio, TX.
Summit is a 224-unit garden-style complex, consisting of 144 one-bedroom apartments, and 80 two-bedroom apartments. Built in 1983, the complex has 161,816 feet of rentable space.
"San Antonio is a strong multifamily market. Its population is growing at twice the national average and five Fortune 500 Companies are headquartered there," said Dan Chamberlain, COO of 37th Parallel. "The job market is very diverse and has a long history of above national average employment rates."
"In addition, Summit is a sister property directly next to Hillcreste at Thousand Oaks, which we acquired last fall. The synergies between these two properties will benefit both investments."
Property amenities include a community center, gated access, carports, as well as an attractive pool area and fitness center.
Cutt Ableson, managing director for Berkadia's Houston office provided a Freddie Mac Green loan which provides a lower interest rate on the loan as well as incentives to reduce water and energy consumption at the property.
"Because of 37th Parallel's strong operational track record, they were able to secure a non-recourse loan with several years of interest only payments."
37th Parallel plans on implementing several capital improvement programs at Summit. Planned improvements include new retaining walls and landscaping, improvements to the community center and leasing office and a unit improvement program that will feature updated kitchens and flooring.
Look for additional acquisition announcements later this year and beyond as 37th Parallel adds more stable multifamily assets to the portfolio.