SAN ANTONIO—The combination of a nearly full lease-up and upper-tier demographics make for an attractive asset in terms of an acquisition opportunity. Such was the case for the Grand at the Dominion, a 320-unit class-A luxury community built in 2015.
The property was recently sold by Embrey, a commercial real estate investment company with development, construction and property management operations. The buyer was Bluerock Real Estate LLC of New York City, a private equity real estate asset manager with a focus on core-plus value-add development investment strategies.
ARA Newmark vice chairman Pat Jones represented the seller. The sale price was undisclosed.
“While Grand at the Dominion was going through late-stage lease-up, ARA Newmark procured an off-market buyer. Embrey has a reputation of developing high-quality properties and Grand at the Dominion is no exception,” Jones tells GlobeSt.com. “Bluerock was attracted to the asset's high-quality construction and finish out, as well as the surrounding area's affluent demographics and proximity to major employment and retail. This attraction and understanding of the market combined with Bluerock's experience and capability as a buyer proved to be the perfect fit that facilitated this pre-emptive transaction.”
The occupancy was 93.7% at the time of sale. Resort amenities include a pool with cabanas, a trellis-covered outdoor fireplace and a large indoor golf simulator (a unique amenity to the market) and a yoga studio.
The core asset is located in northwest San Antonio near the University of Texas-San Antonio campus, La Cantera District, South Texas Medical Center and the headquarters for Valero, Medtronic, NuStar, KCI and USAA. It is also located directly in front of Dominion Springs Plaza, a new 53,000-square-foot retail center under construction with REATA. Shopping options include nearby The Rim and The Shops at La Cantera, and outdoor recreation options include hiking, biking and golfing.
SAN ANTONIO—The combination of a nearly full lease-up and upper-tier demographics make for an attractive asset in terms of an acquisition opportunity. Such was the case for the Grand at the Dominion, a 320-unit class-A luxury community built in 2015.
The property was recently sold by Embrey, a commercial real estate investment company with development, construction and property management operations. The buyer was Bluerock Real Estate LLC of
ARA Newmark vice chairman Pat Jones represented the seller. The sale price was undisclosed.
“While Grand at the Dominion was going through late-stage lease-up, ARA Newmark procured an off-market buyer. Embrey has a reputation of developing high-quality properties and Grand at the Dominion is no exception,” Jones tells GlobeSt.com. “Bluerock was attracted to the asset's high-quality construction and finish out, as well as the surrounding area's affluent demographics and proximity to major employment and retail. This attraction and understanding of the market combined with Bluerock's experience and capability as a buyer proved to be the perfect fit that facilitated this pre-emptive transaction.”
The occupancy was 93.7% at the time of sale. Resort amenities include a pool with cabanas, a trellis-covered outdoor fireplace and a large indoor golf simulator (a unique amenity to the market) and a yoga studio.
The core asset is located in northwest San Antonio near the University of Texas-San Antonio campus, La Cantera District, South Texas Medical Center and the headquarters for Valero, Medtronic, NuStar, KCI and USAA. It is also located directly in front of Dominion Springs Plaza, a new 53,000-square-foot retail center under construction with REATA. Shopping options include nearby The Rim and The Shops at La Cantera, and outdoor recreation options include hiking, biking and golfing.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
