Richmond, VA – November 14th, 2017 – 37th Parallel Properties (“37th Parallel”), a commercial multifamily acquisitions and asset management firm, announced today it has recently closed on Hillcreste at Thousand Oaks in San Antonio, TX.
Hillcreste is a 158-unit garden-style complex, consisting of 108 one-bedroom apartments, and 50 two-bedroom apartments. Built in 1986, the complex has 111,980 feet of rentable space.
“San Antonio is a strong multifamily market. Its population is growing at twice the national average and five Fortune 500 Companies are headquartered there,” Dan Chamberlain, COO of 37th Parallel commented, “The job market is extremely diverse and as a result San Antonio has very low unemployment.”
“Hillcreste is is zoned to the North East Independent School District, one of the best performing school districts in Texas. The property is located within 3 miles of two major traffic arteries and is very close to Valero World Headquarters, San Antonio Airport and Stone Oak Medical Center.”
Property amenities include a business center, a swimming pool with wi-fi, a fitness center and covered parking.
Cutt Ableson, managing director for Berkadia’s Houston office provided a Fannie Mae Green loan which will promote the use of water and energy saving features at the property.
“37th Parallel’s strong operational record is very appealing to capital providers. With several GSE approvals in the last few years, 37th Parallel was able to secure a non-recourse loan with several years of interest only payments.”
37th Parallel plans on implementing several capital improvements program at Hillcreste. Planned improvements include new retaining walls on the property, improvements to the pool and landscaping and a unit improvement program that will feature updated kitchens and flooring.
Look for additional acquisition announcements later this year and beyond as 37th Parallel adds more stable multifamily assets to the portfolio.