SPI Takes On New Braunfels Riverfront Property

Regional powerhouse SPI Advisory has a new value-add property to include in its collection. With the acquisition of Riverbend Apartments in New Braunfels, SPI now owns and operates 3,747 units between San Antonio and Austin. The San Antonio Business Journal reported SPI’s Sean Mubarak did not like option one, assuming a loan with a floating rate, “We had to get comfortable with fixed-rate. It ended up being a Freddie Mac loan, but we also paid another 1.5% to get the rate down by 35 basis points, which got us under 6%.”

Formerly known as Hawthorne Riverside, the 164-unit apartment community was built in 1995 on the Guadalupe River.

The previous owner had recently upgraded about 25% of units. SPI intends to complete those renovations to the property, including updates to the community’s common areas and landscaping, as well as improvements to unit interiors.