Embrey Partners has completed its previously announced sale of Brackenridge at Midtown to Pure Multi-Family REIT LP for $51 million.
Built in 2014 and consisting of 282 luxury residential units, Brackenridge at Midtown is located near Brackenridge Park north of downtown. The property is also located near the Pearl Brewery development.
“The closing of the brand-new Brackenridge acquisition doubles our footprint in the San Antonio market as we continue our strategy of acquiring assets in clusters in the Sunbelt’s leading economies,” CEO Steve Evans said in a news release. “We like San Antonio for its steady job and population growth and we believe the Pearl area is one of the leading submarkets in San Antonio.”
Vancouver-based Pure Multi-Family REIT (TSXV: RUF) is a publicly traded real estate investment trust that focuses on investing in U.S. multi-family assets.