February 14, 2020— Berkadia announces it has arranged the sale of Brownstone Uvalde, a 152-unit multifamily community in Uvalde, Texas. Managing Director Mike Miller, Senior Director Will Caruth and Director Cody Courtney of Berkadia’s San Antonio office secured the sale on behalf of Interurban Companies, a real estate investment and management firm based in Centennial, Colorado. The buyer was 3CM Multifamily.
“Brownstone Uvalde offered an opportunity to acquire a Class A asset with low maintenance costs and high value-add potential,” said Miller. “The discount to replacement was another compelling component that made Brownstone so highly desirable to investors.”
Built in 2012, Brownstone Uvalde is located at 2224 E Main Street. One, two- and three-bedroom units include hardwood floors, walk-in closets, pantry, breakfast bar, balcony/patio, dishwasher and extra storage. Community amenities include a business center, clubhouse, fitness center, media lounge, laundry facility, fitness center, swimming pool and bark park.
Situated in East Uvalde, the asset is found near a variety of cultural and educational institutions. The Texas A&M AgriLife Center, Southwest Texas Junior College and Sul Ross State University are about five minutes away, as well as the Briscoe-Garner Museum and the Uvalde Grand Opera House. The property is found near U.S. 90, offering direct access into San Antonio and Texas.