TriVest Residential picked up the Churchill Park Apartments from an affiliate of Denver-based AIMCO. TriVest partner Dean Lontos declined to disclose the price paid for the 392-unit complex in the north central submarket. The Bexar County Appraisal District listed the 1200 Patricia Dr. market value at $3.1 million.
Lontos tells GlobeSt.com that the Churchill Park property is a good fit in the company's portfolio. "It's a value-add acquisition where we feel like we can add value through exterior and interior renovation as well as improvements to the amenities on the property," he says.
Churchill Park, built in 1979, is about 95% occupied. TriVest plans to fix up the interiors of the apartments, remodel the leasing center and fitness center and enhance the exterior. TriVest also will manage the property.
Churchill Park is TriVest's 10th purchase since it was founded in November 2000. It owns 3,700 units in complexes in Dallas, Houston, Bossier City, LA and now San Antonio.
TriVest financed 80% of the purchase with a loan from American Select Portfolio Inc. Dallas-based Holliday Fenoglio Fowler LP arranged the financing.
Lontos tells GlobeSt.com that TriVest is pursuing opportunities to buy other apartment complexes in San Antonio. "We believe in having enough mass of property in order to get some efficiencies in management in any particular market," he says.
The north submarket has been one of San Antonio's most stable markets. The 5.4% occupancy rate at the end of the third quarter was the same as the 2001 third quarter. Rents rose 2.6% over the year to an average of $651 per month.
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