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Texas  + Apartments  | 

First-Time Buyer in SA Makes Value-Add Deal

The Multifamily Group (TMG) recently sold the 66-unit Sungate apartments in San Antonio. TMG senior advisor Chris Siemasko worked with the San Antonio-based seller, while his colleague Bryce Smith procured the buyer.

Sungate was built in 1972 and provides an opportunity for the new owner to reposition the property by doing both interior and exterior renovations. According to TMG, the property’s sale for an undisclosed sum represents the lowest cap rate recorded in San Antonio’s Longhorn submarket in the past 24 months.

This was the undisclosed buyer’s first acquisition in the San Antonio market. “We’re excited to see how the new owner will reposition this property,” said Smith.

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With TMG’s Smith and Siemasko

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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