SAN ANTONIO—Another day, another multifamily property has been acquired, this time in an off-market transaction. The subject property is Avistar at Chase Hill, a 232-unit garden-style multifamily community located near the University of Texas at San Antonio. MBP Capital Inc., a commercial real estate investment and brokerage firm based in Denver, acquired the property from American Opportunity for Housing, a non-profit based in San Antonio.
Avistar at Chase Hill is located at 15800 Chase Hill Blvd. and was built in 1978. One- and two-bedroom units include hardwood floors, walk-in closets, Internet access and dishwashers. Community amenities feature a fitness center, laundry facility, business center, pool and tennis court.
Berkadia's San Antonio and Austin offices facilitated this transaction. The advisory team was comprised of senior director Will Caruth, managing director Michael Miller, senior director of Berkadia's San Antonio office, Christopher Ross, and associate director Cody Courtney.
“This transaction is further proof in the performance of San Antonio's multifamily market as solid and steady with a growing national investment presence,” Ross tells GlobeSt.com.
Situated near the Hills and Dales neighborhood of San Antonio, Avistar at Chase Hill's also has appeal due to its proximity to the University of Texas at San Antonio, the largest university in San Antonio and the eighth largest in Texas. The community is also located near entertainment destinations that include Six Flags Fiesta Texas, Topgolf and Palladium IMAX. Major transit routes such as East Charles William Anderson Loop and Interstate 10 are also close by.
“The buyer's acquisition of this asset provides a tremendous opportunity for a value-add play in an excellent submarket,” said Ross.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
