Source: Casoro Group
SAN ANTONIO, TX - Casoro Group, a leading multifamily real estate investment firm based in Austin, Texas, announced the sales of three multifamily properties, totaling 692 units. The sales represent Casoro Group’s latest investment strategy to redirect capital to real estate properties focused on the knowledge worker market sector.
Two of the complexes are located in the Houston-area and include the 252-unit Cypress Ridge Apartments, at 2331 Bammelwood Drive, and the 236-unit Highland Cross Apartments, at 411 Highland Cross Drive. Both properties were originally constructed in 1980 and received significant upgrades from Casoro Group. Strategic Realty Holdings, a California-based investment firm, acquired the Class B, garden-style apartment properties from Casoro Group for $34.3 million. Cypress Ridge features one- and two-bedroom floor plans ranging in size from 600 to 955 square feet, and Highland Cross features one- and two-bedroom options, but with slightly larger sizes ranging from 685 to 1,140 square feet. Both properties have similar amenity packages that include community pools, fitness centers, clubhouses and onsite laundry facilities.
The third property sale included the 204-unit 5Fifty Apartments, a Class B, garden-style multifamily complex in the San Antonio-area. Located at 550 Heimer Road these apartments feature one- and two-bedroom floor plans ranging from 575 to 885 square feet. Originally constructed in 1984, 5Fifty also received significant upgrades by Casoro Group prior to the sale to NorthMarq for $22.75 million. Renovations to all three projects included unit upgrades, improvements to pools and parking facilities, , and the addition of dog parks.
“Our investment in these properties was guided by our commitment to building ‘Better Homes for Better Lives,’” Casoro Group CEO Yuen Yung said. “We strive to create homes and communities that residents are proud to live in, and we’re grateful to all our partners for helping us deliver such highly performing assets and exceptional service to our residents, team members, and investors.”