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Partnership Snaps Up 464 Units in NE San Antonio

SAN ANTONIO-The new owner gets the 96%-occupied Iron Horse Apartments on 18.3 acres in a submarket where vacancy is low and projected to go lower in 2003 when the US Army South Command sets up shop at Fort Sam Houston.

By Tim Green | Updated on December 17, 2002

SAN ANTONIO-A 464-unit apartment complex in northeast San Antonio has changed hands in an offering that started out at nearly $16.9 million.

Iron Horse Apartments Ltd. bought the Iron Horse Valley apartments at 2439 NE Loop 410 from Texas Property III LP, based in Austin. Scott Weems of Hendricks & Partners San Antonio office represented the seller. Dallas-based O’Boyle Properties listed the property for the seller.

The asking price was $16.85 million for the garden-style apartments, which sit on 18.3 acres. Weems tells GlobeSt.com that the deal suited the 1031 Exchange needs of the buyer. Wachovia Bank financed the sale with a 10-year fixed-rate loan. The sale closed in less than 75 days.

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