SAN ANTONIO (March 9, 2018) – Berkadia announces it has arranged the sale of Legacy Flats, a 311-unit garden style class “A” community located in San Antonio.
The firm represented the seller, Legacy Flats LTD., a multifamily development firm based in San Antonio. Berkadia also represented the buyer, PEM Real Estate Group, a real estate investment and management firm based in Scottsdale, Arizona.
Berkadia’s Houston and San Antonio offices conducted the transaction. The professionals involved were Senior Managing Director Ryan Epstein, Senior Director Will Caruth, Managing Director Mike Miller, Associate Director Cody Courtney, Associate Director Wes Breeding, and Associate Scott Bray.
“San Antonio’s multifamily fundamentals will strengthen throughout 2018, as 2.4 percent annual area job growth is expected to play a role in demand outpacing supply,” said Epstein. “Investors are taking notice, and newly-built, stabilized properties with strong lease-ups are one of the factors leading to these kinds of suburban transactions.”
Developed and built by White-Conlee Builders in 2016, Legacy Flats is located at 10418 Shaenfield Road. The multifamily community features 311 units throughout several 3-story garden style buildings. One-, two-, and three-bedroom units feature granite countertops with undermount sinks, wood-style plank flooring, glass top ranges, washers/dryers, and French doors to patio/balcony with exterior storage. Community amenities include an elegant 4,800-square-foot clubhouse, wireless internet café, state-of-the-art fitness center, outdoor swimming pool and kitchen, and gated entry.
Situated in the Westover Hills area of northwest San Antonio, Legacy Flats, is near multiple employers, such as Lackland Air Force Base and Port San Antonio only 15 minutes away, and the community is only 20 minutes away from downtown San Antonio and the South Texas Medical Center.