SELMA, TX - Embrey Partners, a San Antonio-based diversified real estate investment company, has expanded its multifamily portfolio in Central Texas with the acquisition of Retreat at Chelsea Park in Selma, Texas.
Embrey's purchase of the high-quality, 280-unit property built in 2006 closed on October 27 in a sale brokered by Patton Jones of Newmark. Embrey will benefit from the community's prime location along the I-35 corridor in the northeast sector of San Antonio's metropolitan area that has seen high rental demand in recent years. The nationally recognized, award-winning Embrey Management Services will take over management of the community.
Retreat at Chelsea Park is the first closing of Embrey's recently introduced acquisition group led by Alex Sampson, Vice President of Acquisitions. The newly formed group is aggressively seeking multifamily procurement opportunities across high-growth Texas and Sunbelt markets.
"The Retreat at Chelsea Park community fits perfectly into Embrey's focus on creating places where people want to be," said Sampson. "The location is outstanding, just off I-35 with easy access to San Antonio, New Braunfels and Austin, in the middle of a rapidly evolving area that has seen the population grow more than tenfold since 2000. Renters are drawn to Retreat at Chelsea Park for its large floor plans, top-of-class amenities, and tranquil conveniences. The added attention to residents that will be provided by Embrey Management Services will position this asset as second-to-none in its submarket."
Retreat at Chelsea Park exemplifies Embrey's value-add investment approach. About two-thirds of the one-, two- and three-bedroom units remain in classic or outdated conditions since the property's construction in 2006. Embrey will upgrade unit interiors and position the property as a quality and affordable rental option in a flourishing area along the I-35 path of growth, according to Sampson.
Retreat at Chelsea Park's focus on lifestyle experience will be most readily apparent in its lifestyle amenities. Outdoors, this includes an inviting clubhouse, swimming pool, recreation center, dog park, and covered outdoor grilling areas. Residents have access to a fitness center, coffee bar, and resident lounge, plus covered and surface parking with a gated entrance.
Upon completion of Embrey's renovation program, apartment unit interiors will feature premium kitchens, including granite countertops, undermount kitchen sinks with goosehead faucets, updated cabinetry with nickel pulls, updated appliances, wood-style flooring, private patio or balconies, expansive walk-in closets, and 9-foot ceilings.
"Embrey is proud to be a member of the Selma community and to bring its all-star management team to Retreat at Chelsea Park," Sampson said.