Saturday, January 1, 2011

Mira Loma, 378-Unit Rental Community Built on 21-Acres in 2009, Has Class A Location at I-35, Loop 1604 Interchange in North San Antonio, TX

SAN  ANTONIO, TX  Mira Loma (top left photo),  a 378-unit, 21-acre garden apartment community in North San Antonio,  has been acquired  by Crossbeam Workforce Housing Fund 1 and will be managed by Concierge Asset Management.

 Godfrey Residential Group of Bryan, TX sold the Class A, 18-month old apartment community for an undisclosed price. Freddie Mac financing was secured in 30 days instead of the typical +/- 60 days.

 Mira Loma, located at 7601 Gateway Blvd., Live Oak, TX on the northwest corner of the I-35 and Loop 1604 interchange, was developed and completed in 2009 by the seller, Godfrey Residential who delivered it stabilized at 94% occupied and 98% leased.

 Crossbeam/Concierge will add dramatic landscaping, additional parking facilities, pool area and state-of-the-art environmental and energy efficiency upgrades to the Class A rental community. 

 Mira Loma is the second Texas apartment community Crossbeam has acquired from Godfrey Residential in the last three months.

 “We bought the luxury 372-unit Melograno at Terra Vista in the Austin suburb of Round Rock because it matched the Crossbeam Workforce acquisition mandate.” said Brad Blash, Crossbeam Capital’s chief acquisitions officer.

 “In addition to being exceptionally well planned and built  by the same developer, John Godfrey (top right photo), Mira Loma has virtually all the same characteristics as Melograno,” noted Blash.

“It’s an institutional grade multi-family property with a prime location, enormous traffic counts of 162,000 vehicles daily at the I-35 and loop 1604 interchange and quick access to major employers and shopping. Plus, San Antonio is a city with positive population, job growth and an improving economy.”

   Third Acquisition in San Antonio; More Sought

 Concierge already owns two apartment communities in San Antonio---Sable Ridge with 330 rental residences and 94% occupancy and Sunrise Canyon, 208 apartments with 95% occupancy.

“They are two strong performers in our portfolio and we would like to buy more,” said Ted Kerr, (middle left photo) chief executive officer of Concierge Asset Management.

 The buyer’s due diligence found Godfrey Residential’s custom touches like a half basketball court in the clubhouse and wrap around patios and attached garages on some units are exceptionally appealing to residents and prospective tenants, added Kerr.

 According to Tom Cabibi, president of Altitude Realty Advisors of Denver who handled the sale for the buyer, “Concierge’s market presence in San Antonio, its familiarity with Mira Loma before it went on sale and the buyer’s existing relationship with Mr. Godfrey made for their seamless decision to buy.”

Several dozen institutional real estate investors bid on Mira Loma, said Will Balthrope (lower right photo), senior director of Marcus & Millichaps’s Institutional Property Advisors, who, along with Ryan Epstein, a director of IPA, represented the seller as brokers on this property and in the sale of Melograno at Terra Vista.

 “The partnership of Crossbeam and Concierge was not the highest bidder,” said Balthrope, but Maxwell Drever (lower left photo) (chairman emeritus of Crossbeam and founder of Concierge) and the team proved their reliability to us at Melograno, so the seller felt very comfortable in awarding them this asset.”
Press Contact:
Chris Barnett for Concierge/Crossbeam
Leslie Gordon for Concierge Asset Management
Jennifer Farthing for Crossbeam Capital LLC