SAN ANTONIO, TEXAS (July 29, 2022) – Zar Haro, Moses Siller, Phil Grafe and Bryan VanCura, of Northmarq’s San Antonio investment sales office, secured the sale of Holly Apartments. The 136-unit multifamily property (built in 1975 and last renovated in 1996) is located at 1925 North Veterans Boulevard, Eagle Pass, Texas. Northmarq represented the buyer in the sale.
Cheryl Higley from Northmarq’s Austin debt/equity team arranged acquisition financing for the buyer. The non-recourse, agency loan was structured with a 10-year fixed rate below 4.50 percent, and included 3-years of interest only followed by a 30-year amortization schedule.
“The Government Agencies continue to be a lifeblood of the transaction market in Texas Secondary markets. With a housing affordability crisis across the country, communities like Eagle pass would remain neglected and would amplify the housing needs from residents if this low cost of a capital didn’t exist in this evolving interest rate market. It is a win for residents who will get improved housing and a win for the buyers who can offer clean reasonably priced apartments at every income level,” said Haro.
Offering verdant, landscaped grounds, Holly Apartments provides a carefree lifestyle with easy access to education, employers, shopping, and entertainment. Tenants can benefit from three shopping centers located within 0.9 miles for walkable and bikeable transportation options. The city of Eagle Pass features a municipal golf course along with a historic downtown shopping and dining district. There are three highly rated public schools, along with SW Texas Junior College: Eagle Pass located within only 1.7 miles of the property.
Community amenities include: Fenced community, breakfast/coffee concierge, assigned parking, on-site maintenance, curb side trash pickup, storage space, pool with barbeque and picnic area, playground, and basketball court. Interior amenities include: Private lawn/patios, in-unit washer and dryers, hardwood floors, walk-in closets, ceiling fans, Wi-Fi and high speed internet, large kitchen pantry, crown molding, tile bathrooms, and 9’ vaulted ceilings.