Preserve at Westover Hills Represents Below-Replacement Cost Opportunity

The Preserve at Westover Hills, a 276-unit value-add multifamily asset, recently sold to Kansas-headquartered Cohen-Esrey Apartment Investors LLC. The price was undisclosed. The property was 96 percent occupied at the time of sale.

Westover Hills is one of San Antonio’s densest employment centers and tech hubs. Located at 1530 NW Crossroads, The Preserve at Westover Hills is across from the NSA Cyber Security facility. Phase II expansion currently under construction.

Newmark’s Matt Michelson and Patton Jones represented the seller, Texas-based commercial real estate services company, InvestRes.

“The Preserve at Westover Hills represented a unique opportunity to acquire a value-add asset in a high-growth market below replacement cost,” said Michelson. “San Antonio’s thriving market fundamentals continue to attract out-of-state investors to the area as the multifamily sector thrives post-pandemic.”