September 19, 2019– Berkadia announces it has arranged the sale of Villas de Santa Fe, a 208-unit multifamily community in San Antonio. Berkadia Managing Director Mike Miller, Senior Director Will Caruth, Director Chris Ross and Associate Director Cody Courtney arranged the sale on behalf of Comunidad Realty Partners, a real estate investment firm based in San Diego, California with an office in Austin, Texas.
“Villas de Santa Fe presented a fully stabilized value-add opportunity with considerable upside potential in one of San Antonio’s premier locations,” said Miller. “After seeing a 4.5 percent rental increase over 2018 in the Medical Center submarket, the asset is poised for significant income growth in a multifamily market that shows continued population and job growth.”
Built in 1982, Villas de Santa Fe is located at 3601 Magic Drive. One- and two-bedroom units include tile floorings, window coverings, pantry, solar screens and washer/dryer connections. Community amenities include a clubhouse, swimming pool, fitness center, picnic area, two clothes-care facilities and a sports court.
Situated in northwest San Antonio’s Medical Center, Villas de Santa Fe is strategically located near large-scale employers, retailers and destinations. USAA headquarters, UT Health San Antonio and South Texas Medical Center are about three miles away from the property, supporting over 75,000 jobs in total. Interstate 410 is less than five minutes away, offering direct access to downtown San Antonio and the greater metropolitan area.