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Improvements on Tap for Multifamily Acquisition

SAN ANTONIO, TX—The acquisition of Chestnut Park is part of Sterling's planned focus on investing in value-add, class-B and C multifamily assets located in Southwestern US markets.

By Lisa Brown | lisabrown | | Updated on April 29, 2016
Chestnut Park Chestnut Park is a 145-unit apartment complex situated in the Castle Hills submarket.
SAN ANTONIO, TX— Chestnut Park Apartments , the 145-unit apartment complex situated in the Castle Hills submarket of North Central San Antonio, consists of 13 two-story buildings. It has been acquired by Sterling Real Estate Holdings , a joint venture between Barker Pacific Group and Pacific Real Estate Partners . The purchase price was undisclosed. The acquisition of Chestnut Park is part of Sterling’s planned focus on investing in value-add, class-B and C multifamily assets located in Southwestern US markets, including San Antonio, Austin, Phoenix, Las Vegas and Reno, NV. The firm has secured capital with a US-based institutional investor that will invest alongside Sterling in similar transactions on a programmatic basis. Sterling plans to invest more than $1 million into the property to improve and add new amenities, such as a fitness center and dog park, and to renovate the interior units. Michael Barker , principal at Sterling Real Estate Holdings and Barker Pacific Group’s CEO and managing director, tells GlobeSt.com: “Chestnut Park is a great addition to our portfolio. There is significant value in the community that we can unlock through interior renovation and improved amenities.” Built in 1979, the garden-style apartment community offers studios as well as one- and two-bedroom units. The existing on-site amenities include picnic areas, a swimming pool, laundry facilities, a central garden courtyard and a tennis court. “We are excited to expand our portfolio in central Texas,” said Barker. “It is in a great location and there is a significant opportunity to reposition the property to maximize its value.”  

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