SAN ANTONIO, Texas — May 24, 2021 — Berkadia announced today the sale of the Park West-Parliament Bend Portfolio, consisting of Park West and Parliament Bend, two multifamily properties in San Antonio, Texas. Managing Director Mike Miller, Senior Director Will Caruth and Director Cody Courtney of Berkadia San Antonio completed the sale on behalf of the seller, Texas-based The ValCap Group, LLC. The buyers were Old Three Hundred Capital, also based in Texas, and Pearlmark Real Estate, based in Chicago. The portfolio closed on May 14.
“Park West and Parliament Bend provided the buyer the unique opportunity to acquire two contiguous value-add assets in North Central San Antonio, a highly desired submarket that has historically experienced strong rent growth and premium pricing,” said Courtney. “The buyer recognized the rare opportunity to renovate the majority of the interior units and navigated a complex loan assumption process to complete the sale.”
Park West is located at 11845 West Ave. The 327-unit property features one- and two-bedroom floor plans with balconies and air conditioning. Community amenities include a fitness center, a swimming pool, a business center, a TV lounge, laundry facilities, a playground, a basketball court and volleyball court, a dog park and an outdoor area with grilling stations.
Parliament Bend is a 232-unit property located at 11838 Parliament St. The property features one- and two-bedroom floor plans with balconies and air conditioning. Community amenities include a fitness center, a swimming pool, a clubhouse, laundry facilities, a playground, a basketball court, a volleyball court, a dog park and an outdoor area with grilling stations.
Both properties afford residents convenient access to Phil Hardberger Park, Highway 281 and the shops and restaurants along West Avenue.
“Thanks to Cody and the Berkadia team for bringing a great buyer to the table. This sale completes our exit from the San Antonio market and that would not have been possible without Berkadia’s unprecedented determination to get this transaction to the finish line,” said Nick Trajcevski, Director of Acquisitions, The ValCap Group, LLC.