SAN ANTONIO--CBRE has arranged the sale of Sunset Ridge, a 279,026-square-foot multifamily community in the Alamo Heights area of San Antonio. Philadelphia-based Resource Real Estate purchased the value-add asset from Austin-based SV Alamo Heights LP for an undisclosed price.

“Sunset Ridge is a value-add opportunity because of the infill location and the rent gap between it and the newer properties in the Broadway area,” Ryan Epstein, CBRE executive vice president, told GlobeSt.com. “This could have easily been [and almost was] a redevelopment site, as it was pursued by many developers.”

The apartment community is surrounded by mid-20th century architecture. It is also within the desirable Alamo Heights Independent School District and centrally located in the city.

The 41 two-story buildings feature a classic craftsman style indicative of its original construction in 1949. Each building has natural stone and shingle siding, and features two levels of four-plexes with interior entries.

The previous owner extensively renovated the property in 2004-2005, including adding energy-efficient double-pane glass windows, adding washer/dryer connections, and replacing pitched composition roofs and HVAC systems.

The property has 324 units with an average unit size of 861 square feet. Sunset Ridge sits on 29 acres and is zoned to accommodate up to 1,054 units. It is 91 percent occupied.

Unit amenities include solid oak flooring, antique fixtures, handcrafted tile and remodeled kitchens. Community amenities include a dog park; lap-size, 10-foot deep swimming pool and wading pool; playscape; clubroom; and fitness center.

Epstein, Charles Cirar and Michael Wardlaw, with CBRE Capital Markets' multifamily team, represented the seller.