Florida Buyer Snags Oak Hills Multifamily
More out-of-town investors are eyeing opportunities in San Antonio’s multifamily market. Oak Hills Village—a 121-unit multifamily community—sold to a Florida-based private investor. The seller was a California investor looking to exit the market to focus on more of its emerging markets. Berkadia managing director Mike Miller (pictured), who brokered the deal with directors Chris Ross and Will Caruth and associate Cody Courtney, tells us the property is in a great location and has a unique unit mix that includes townhouses. Add in rehab potential and the number of competitive buyers in the market, and this was one of the strongest marketing campaigns Mike's seen in over five years.
Oak Hills Village is near the intersection of Loop 410 and I-10 just south of major employers like USAA, Accenture and the South Texas Medical Center. It was built in 1972, but will be getting a refresh; the Berkadia team tells us the new owner will invest extensively in renovations to optimize asking rents. (The team wouldn't disclose asking rents for the property, but metrowide, rents were $902/month at the end of Q3.) Berkadia senior managing director Jeffery Kinney (out of Jacksonville, FL) arranged 10-year, fixed-rate financing for the property.
