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San Antonio Multifamily Assets Spark Brisk Bidding

SAN ANTONIO-In back-to-back sales, the 325-unit Westlakes Villas and 192-unit Gables sell as a leading multifamily team pushes to close out deals with a former employer. Each property attracts a dozen or more offers.

By Connie Gore | Updated on October 28, 2002

SAN ANTONIO-A leading multifamily sales team, closing out its Grubb & Ellis Co. affiliation, has delivered two more San Antonio properties to buyers. The latest round of closings are for the 325-unit Westlakes Villas at 1455 Cable Ranch Rd. and 192-unit Gables at 11660 Huebner Rd.

BES Properties of Chicago is Westlakes’ buyer, beating 19 other offers for the 17-year-old complex that carried a $12.5-million price tag, Will Balthrope, now co-leader of the Cushman & Wakefield Multi Housing Group in Dallas, tells GlobeSt.com. In the past month, he and partner Don Ostroff have completed six of the 12 deals hanging fire at the time of their exit from Grubb & Ellis.

The Westlakes’ seller is Asset Plus of Houston, which acquired the complex in 1999, did a value add and now is collecting the profit. Balthrope says it is the last multifamily holding in Texas for the seller, predominately an owner of office product.

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