Northmarq’s San Antonio office announces sale of South Hill Apartments
SAN ANTONIO (Oct. 13, 2023) — Northmarq’s San Antonio Investment Sales team of Zar Haro, Moses Siller, Bryan VanCura, Brian Booth and Phil Grafe is pleased to announce the successful arrangement of the sale of South Hill Apartments. Situated at 2715 Lasses Blvd. in San Antonio, this 174-unit multifamily property stands as a testament to the rich architectural history of the area. Northmarq represented the seller, T3 SA1, LLC, a private investor. The acquisition was by Cooper Street Capital, demonstrating their keen interest in such prime real estate assets.
An interesting facet of this sale is that South Hill Apartments is the only 1960s asset over 100 units to trade this year. "The transaction was emblematic of the professionalism and agility of both the buyer and seller groups. Their sophisticated approach enabled swift navigation through the process, especially commendable in the face of the current volatile interest rate environment," said Haro. "In a period where many deals falter at the finishing line due to interest rate shifts, achieving a new loan for this asset underscores the tenacity and diligence of all parties involved."
Previously listed with one of our competitors, it became evident that a non-institutional strategy was needed given the atypical challenges posed. "In today's unpredictable market, an institutional approach may not always yield the desired results, especially when rate locks become paramount early on. While such strategies might work during an upcycle, a downturn demands a more traditional touch. Relying on 'the market spoke' reasoning isn’t sufficient anymore. It's crucial to be decisive, quickly arrive at a pricing strategy, lock in rates, and progress," Haro further added.
Built in 1965, South Hill Apartments stands out with its spacious one-, two- and three-bedroom apartment homes. The residents have access to a range of amenities including three swimming pools, a tennis court and covered parking. This pet-friendly, four-building community ensures convenience, with major freeways, shopping venues, dining and entertainment spots just minutes away.
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