SAN ANTONIO, TEXAS (July 18, 2022) – Bryan VanCura, associate – investment sales and Zar Haro, managing director – investment sales in Northmarq’s San Antonio office, secured the sale of Seven Pines Apartments. The 88-unit multifamily properties (originally built in 1969) are located at 8027 South Zarzamora Street (56 units) and 7907 Delight Street (32 units) in San Antonio, Texas. Northmarq represented both the buyer, Tapi River Group LLC, and the seller, Overland Capital Investments, in the sale.
“Seven Pines had previously been owned by a group who bought it from the original developer. Overland did an incredible job of positioning the property for the next buyer,” said VanCura.
Cheryl Higley, senior vice president of Northmarq Austin debt/equity team, arranged agency acquisition financing for the buyer. Loan terms included a 10-year fixed rate term with 36 months of interest only.
The property has consistently performed strongly, with renewal rates at the property at 82 percent under current management, and occupancy above 96 percent since 2000. The ownership has meticulously maintained the property, meaning there is very little-to-no deferred maintenance. The current state of the property allowed the buyer to purchase a property where the majority of capital gain go into true revenue generating interior improvements.
Commuters living at the property benefit from its ideal proximity to I-35, making accessing all parts of San Antonio, as well as travelling to Austin and other Texas metro areas, a simple turn onto the 1-35 on-ramp. Residents are located near serval dining, shopping and entertainment venues, such as South Park Mall, Santikos Mayan Palace movie theatre, and Olive Garden. While the property benefits from its location just southwest of downtown, residents can easily escape the hustle and bustle of urban live at one of the five parks located within 4.4 miles of the property.
Community amenities include: Two laundry care centers, business center, two community gardens, two pergolas and grill stations. Interior amenities include: Goose-neck faucets, farmhouse kitchen sink, private yards, black appliances, tile backsplash, faux Carrara marble countertops, ceiling fans, upgraded faucets and hardware, resurfaced cabinets, tasteful paint colors and upgraded natural daylight LED lighting.