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Brix at Terrell Hills sold to Old Three Hundred Capital
SAN ANTONIO (June 24, 2019) – Berkadia announces it has arranged the sale of Brix at Terrell Hills, a 141-unit garden-style multifamily property located in the northeast section of San Antonio. Managing Director Mike Miller, Senior Director Will Caruth, Director Chris Ross and Associate Director Cody Courtney of Berkadia’s San Antonio office marketed the property on behalf of the seller. The buyer is Old Three Hundred Capital.
Average in-place monthly rents at Brix at Terrell Hills are $756, slightly below the submarket average of $767.
“This was a unique opportunity to acquire a value-add property in a thriving submarket of San Antonio,” said Miller. “With the heavy lifting of exterior renovations already completed by the previous owner, the buyer can begin interior renovations and realize immediate upside in rental increases and tenant retention.”
“After a competitive marketing campaign Old Three Hundred Capital emerged as the top bidder and they fulfilled their contract terms to the fullest in an efficient and professional manner,” said Courtney. “Well located in the northeast submarket of San Antonio, Brix is poised for a significant value-add play and we are excited to watch the buyer execute their business plan.”
Located at a highly visible intersection of Harry Wurzbach Road and Corinne Drive, Brix at Terrell Hills was built in 1966 on 4.4 acres at 2447 Harry Wurzbach Road. The property consists of 11 two-story buildings with studio, one- and two-bedroom apartments featuring open floor plans. Average unit size is 800 square feet. Nestled in a residential neighborhood, the property provides popular community amenities including an outdoor pool with sundeck, barbecue grills, and a pergola, two laundry facilities, a business center and covered/carport parking.
Brix at Terrell Hills is adjacent to Fort Sam Houston, a 3,000-acre U.S. Army installation supporting 27,000 military and civilian personnel. The installation is also home to the San Antonio Military Medical Center, a 425-bed teaching hospital serving a million annual patient visits. Also within a five mile radius of the property is a Whole Foods Market, Rackspace’s headquarters, San Antonio International Airport, and Northeast Baptist Hospital.