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$4.6M Buys 194 Units in SW San Antonio

SAN ANTONIO-Cunningham Capital of California collects the check for the Merry Oak Apartments from a Colorado investor. The deal closed with a $3.72-million loan bearing a 10-year term and interest rate under 6%.

By Tim Green | Updated on November 27, 2002

SAN ANTONIO-A 194-unit apartment complex in southwest San Antonio has been purchased for $4.6 million.

The seller of Merry Oak Apartments at 150 Rustleaf Dr. was Rustleaf Capital Funding Ltd., part of Gilroy, CA-based Cunningham Capital. The 49-building complex is situated in the southwest submarket close to the former Kelly Air Force Base.

NorthMarq Capital Inc. arranged acquisition financing of $3.72 million for the buyer. NorthMarq’s Paul Brighton, vice president and senior producer, and Alison Eby of the company’s Dallas office, arranged the 10-year, fixed-rate financing through Lehman Brothers. The interest rate was less than 6%.

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