SAN ANTONIO, TX - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Summercreek Apartments, a 180-unit 1980’s vintage property located in San Antonio, Texas.
ARA’s San Antonio-based Broker, Casey Fry, represented the seller, New Jersey-based Wilshire Enterprises. The Buyer was SGI Partners, LLC out of Santa Ana, CA. This is their first purchase in Texas.
SGI Partners, LLC, circled San Antonio due to its strong and steady fundamentals, its diverse and growing economy, and its future growth projections. According to Fry, “Summercreek’s size was a fit for SGI’s first San Antonio acquisition. It will act as an entrée into additional opportunities as they continue to grow their San Antonio presence.”
“Summercreek was a very clear-cut value-add transaction. The property had already tackled a handful of interior upgrades and SGI Partners plans to continue that upgrade strategy throughout the remainder of the property,” said Fry.
Occupancy at the time of sale was over 93%.
Summercreek is comprised of one and two bedroom units. The property offers a variety of amenities including two sparkling swimming pools with waterfall feature, fitness center, sports court, playground, barbecue grill area, and beautiful landscaping. The garden-style apartments are located in north central San Antonio at 11851 Belair Drive, San Antonio, TX 78213.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA locally, please contact Rachel Jonkers at rjonkers@arausa.com or 512.637.1229, or nationally, Amy Morris at amorris@arausa.com or 678.553.9366.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student& manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com