SAN ANTONIO--Berkadia has brokered the sale of The Enclave, a multifamily property located at 2555 N.E. Loop 410 in San Antonio. Managing director Mike Miller, director Chris Ross, associate director Will Caruth and junior associate Cody Courtney of the San Antonio office negotiated the sale, which closed on July 29.
The seller was PBC Acquisition Services LLC, a Phoenix-based company, and the buyer was an institutional investment fund from Salt Lake City.
"This institutional investment fund capitalized on a rare opportunity to acquire a large, class B asset in an emerging submarket with substantial rent growth potential," Caruth told GlobeSt.com. "Above-average historical occupancy at the property, combined with the demand for quality living, prompted new ownership to upgrade unit packages, allowing the new owner to capitalize on the strong momentum in the submarket."
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