Chicago Apartment Investor Picks Third San Antonio Property
Sherman Residential acquired Eleven West, a 264-unit multifamily community near Highway 90 and Loop 1604 outside San Antonio. Right Quest sold the asset. It is Sherman’s third acquisition in the San Antonio area. The company also owns the Axis Hamilton complex in the Medical Center and The Standard at Legacy at U.S. Highway 281 and Loop 1604.
The San Antonio Business Journal reports the Eleven West project was built in 2022. The complex has an assessed value of $37 million, according to a 2023 evaluation by the Bexar County Appraisal District. Sherman took out a $26.3 million loan from Nationwide Life and Annuity Insurance Co. as part of the transaction.
The property encompasses 11 buildings on a 14-acre site. The units ranged between 597 and 1,137 square feet. Common-area amenities include a swimming pool, a fitness center, business center, clubhouse, media room, a dog park, and lounge areas. Eleven West also provides outside storage and detached garages.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.