Deal Nets 603 Units For Abilene Buyer

SAN ANGELO, TX-A private investor in Abilene is now the owner of a 603-unit, eight-property portfolio which includes the 219-unit University Park Apartments serving Angelo State University. The buyer struck an off-market deal with Silveira Revocable Trust, which is exiting the Texas real estate market.

Transaction manager Kelly Witherspoon with Apartment Realty Advisors’ secondary markets team in Austin, TX says the Pleasanton, CA-based seller wanted to keep the portfolio’s marketing efforts on the QT. As a result, Witherspoon and Apartment Realty Advisor vice president Jeff Patterson, also with the secondary markets team, approached only a handful of investors they felt would be interested.

“The investor in Abilene responded immediately,” Witherspoon says. “I think he saw opportunity and significant upside in these deals. This investor has had previous success in repositioning distressed properties.” Though Witherspoon declined to mention sales figures, comps put trading of comparable class B and class C properties in the mid-$20,000s to low $30,000s per unit.