San Antonio’s institutional investment market seems to be waking up from it’s dormant past, most recently with the sale of the Park at West Ave multifamily complex in North Central San Antonio.
The complex, a 360-unit development just north of the West Avenue exit along Wurzbach Parkway, has been sold to Pure PW Apts LLC, a Plano, Texas-based company. Trey Embrey — president of Embrey Development, the seller — said his firm was able to demonstrate that the complex had a positive income stream and was economically successful so far.
Embrey “is very focused on developing those projects, but when there is an opportunity to sell, we’ll do it,” he said. “We have a lot of interest from buyers, and (Park at West Ave) was a successful project.”
Terms of the sale weren’t disclosed, but the property has been appraised at $51.6 million. The complex, which was built in 2013, spans nearly 30 acres. For 2014 and 2015 tax years combined, more than $64.8 million worth of improvements have been made to the property. In 2013, the county appraised it at $2.9 million.
Katie Burke covers residential and commercial real estate, retail and law firms for the paper