208-Unit Universal City Apartment Sells to Cali Buyer

Lowe Enterprises Investors (LEI), in joint venture with an investment client, acquired the 208-unit Sunrise Canyon apartments in the northeastern San Antonio suburb of Universal City. The sales price for the transaction with seller KKR & Co. LP was undisclosed. The Bexar Central Appraisal District assesses the property at $10.7 million.

Located at 501 Sunrise Canyon Dr., the nine-building multifamily property delivered in 2005 and offers one, two and three-bedroom units. The amenities include clubhouse, pool, fitness and business centers, an outdoor kitchen and a dog park. Los Angeles-based LEI plans to make upgrades to the units, as well as making renovations to the clubhouse, pool and parking area.

LEI’s acquisition team was led by John Gaghan. United Apartment Group has been retained to provide property management services. CBRE represented the seller. Berkadia provided financing services.

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