SAN ANTONIO, TEXAS (September 29, 2022) – Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq’s San Antonio Investment Sales office, secured the sale of Brooks Townhomes. The 135-unit multifamily property, built in 1974, is located at 7200 South Presa Street, San Antonio, Texas.
Northmarq represented both the seller, Austin-based Achieve Investment Group, and the buyer, Los Angeles-based Convergence Capital Management, in the sale. “Convergence was able to, through their proprietary algorithm, identify a million data points that led them to the Brooks submarket as the rents in this area were the fastest growing in the city. Meanwhile, the submarket is often overlooked by investors because of its perceived non-institutional investment grade demographics,” said Haro.
The townhome community will undergo a significant renovation appealing to the Brooks City Base new employment drivers capturing tech workers and engineers relocating to the city. “Convergence always leads with data-driven decision-making and leaves the gut feeling to everybody else,” said Marcello Kahn.
Achieve Investment Group held the property for three and a half years and wanted to take advantage of selling the property in what they believed was a very robust time in the market. “Congratulations to our investors who put their trust in Shanti Ramasamy and me,” said James Kandasamy. Northmarq is excited about the reinvestment in the community, improving tenants’ lives and preserving clean and affordable housing options.
Currently, businesses located on the Brooks campus employ 3,300 workers, while the total earnings impact have climbed to just over $550 million, according to LiveatBrooks.com. Brooks Townhomes connects to major roadway systems and is in easy reach of historic Downtown San Antonio. Within only a six-mile radius of Downtown, residents benefit from the surroundings of three colleges, three shopping centers, and five parks. Kelly Air Force Base is a 15-minute drive away (9.2 miles) and the San Antonio International Airport.