A 252-unit multifamily property, Gardens at West in San Antonio, Texas, has been acquired by Embrey, a diversified real estate investment company.
The property, built in 1995, will be rebranded to The Hayden on West Ave. The company’s nationally recognized and award-winning Embrey Management Services will take over property management.
The community’s ideal North Central location, adjacent to Highway 281 between Loop 410 and Loop 1604, provides convenient access to anywhere in the city. The area offers an outstanding employment base of more than 131,000 jobs within a five-mile radius. Nearby major employers include Amazon, Methodist and Baptist hospitals, Valero Energy, USAA, and more.
“This community is in one of the most stable rental markets in the country and offers residents a sophisticated yet casual atmosphere with resort-class amenities, nearby walking trails and quick access to downtown,” said Alex Sampson, Vice President of Acquisitions at Embrey. “We plan to fully renovate the property, elevating the resident experience to market standards. With this centralized location and the high-demand rental market in San Antonio, this is a terrific investment for Embrey.”
The Hayden on West Ave exemplifies Embrey’s value-add investment approach. With no properties under construction within a three-mile radius, a desirable location, a planned unit interior, and amenity renovation, and a rebrand to The Hayden on West Ave, this community will appeal to the modern San Antonio renter.
“This acquisition signifies the momentum of our acquisition platform and capital base,” says Sampson. “Marking the second acquisition in the greater San Antonio area, we will continue to seek opportunities like this to create value for our capital partners.”
Embrey worked with PCCP, LLC on this acquisition, with debt funded by Comerica. Newmark sales brokers Matt Michelson and Pat Jones and debt brokers Tyler Nowlin and Andy Hill of Berkadia assisted in the transaction.
San Antonio-based Embrey is a diversified real estate investment company that owns, develops, builds, acquires and manages multifamily and commercial assets in targeted markets across the United States. Since 1974, Embrey has developed more than 44,000 apartments and over 6 million square feet of commercial property. Embrey is a leading developer in the multifamily sector, with more than 6,000 units under construction or in development.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $20.1 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 24-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $35.0 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.