Although Concierge already owns two apartment communities in San Antonio – the 330-unit Sable Ridge and the 208-unit Sunrise Canyon – Mira Loma marks Crossbeam’s first buy in the market. “San Antonio shows extremely strong for things that are important to us – it is a city with positive population, job growth and an improving economy,” Blash tells GlobeSt.com.

Moreover, Concierge’s San Antonio portfolio is 94.5% leased. “We’ve been working with Concierge for over a year, and during that time their San Antonio portfolio has been one of their strongest,” Blash says. “Not only does San Antonio offer stability, it also offers growth drivers.”

Mira Loma garnered bids from several dozen institutional real estate investors, according to Will Balthrope, senior director of Marcus & Millichaps’s Institutional Property Advisors. He represented Godfrey Residential along with Ryan Epstein, a director of IPA. The duo also brokered the sale of Melograno at Terra Vista.

“The partnership of Crossbeam and Concierge was not the highest bidder,” Balthrope notes. “But Maxwell Drever [chairman emeritus of Crossbeam and founder of Concierge] and the team proved their reliability to us at Melograno, so the seller felt very comfortable in awarding them this asset.”

Tom Cabibi, president of Altitude Realty Advisors of Denver, handled the sale for the Crossbeam/Concierge JV, which obtained a Freddie Mac mortgage to close the deal.

Charlie Geiss, president of CG Realty Advisors LLC’s Houston office, and Brant Smith, senior vice president of Berkadia Commercial Mortgage’s Austin office arranged the loan.

“Within 30 days of signing the application, we were able to get a seven year, 4.76% fixed rate loan from Freddie Mac with interest only for the first two years,” Smith notes. “The typical timeframe is 60 days from app to close but Freddie Mac accommodated Crossbeam/Concierge and Berkadia because of all the business they have done with Maxwell and us over the last decade. Relationships are the reason these kinds of deals get done."

The new owner plans to invest $800,000 to upgrade Mira Loma, Blash says. Immediately, it will be planting mature palm trees, extensive foliage and shrubbery, adding gas grills to the pool area, building carports and making other enhancements to the apartments and grounds to reinforce its Class A status.

Moreover, Concierge Construction Co. is working with Energy Star to pinpoint energy and water efficiency upgrades and will install other “green” enhancements including fixtures that can reduce water consumption by 40%, energy efficient appliances and either sustainable carpeting or hard surface flooring. In addition to green training programs for residents, those who own hybrid vehicles or use car sharing will be given preferred parking.

“We’re trying to create a living environment that exceeds the competition,” Blash explains. “We’re looking to solidify our market position with the upgrades to achieve lower resident turnover and to take advantage of market rental rate increases.”