240-Unit Villa Espada Sells

The 240-unit Villa Espada Apartments in San Antonio’s Mission del Lago area has been sold to Salem, OR-based Windmill Investments. Seller and developer 210 Development Group was represented by Jones Lang LaSalle’s Scott LaMontagne and Moses Siler. The sales prices was undisclosed, and The Bexar Central Appraisal District assess the asset at $25.2 million.

The Class A property at 12910 Clubhouse Blvd. was completed a year ago. The complex was 50% leased upon closing. According to LaMontagne, Villa Espada is the first market-rate property in an area that is better known for its affordable housing. As such, the buyer pool was expanded to “opportunistic buyers that do not typically invest in new assets,” he said.

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