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Concierge Outlines Plan for 333-Unit Challenge

UNIVERSAL CITY, TX-Concierge Asset Management takes the 88%-leased Sable Ridge from Flagship Properties, setting off a value-add play with a $1-million renovation.

By John McCloud | Updated on July 03, 2008

UNIVERSAL CITY, TX-Concierge Asset Management, a multifamily investment company that specializes in the acquisition of “challenged” properties, has purchased the 333-unit Sable Ridge near San Antonio. The deal was listed as an all-cash buy for $10.85 million.

The complex, built in 1973, was acquired by Concierge’s Drever Opportunity Fund II from Flagship Properties Corp. of Houston. Located in a working-class neighborhood at 330 Kitty Hawk Rd., the class C complex on 13.7 acres has an 88% occupancy. According to Concierge CEO Ted Kerr, the buyer intends to upgrade Sable Ridge to class B status, but still keep it as affordable workforce housing. He tells GlobeSt.com about $1 million has been earmarked for the plan, which includes a three- to five-year hold.

Noting that metropolitan San Antonio was the second fastest growing area in Texas in 2007, Kerr says the company’s goal is to add substantial value to Sable Ridge through a proven renovation and revitalization program. “We will improve the quality of the resident base, the amenities and the lifestyle, making it an attractive place to live,” he says.

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