Embrey Expands Portfolio with Retreat at Chelsea Park Buy

San Antonio-based Embrey Partners LLC recently expanded its multifamily portfolio in Central Texas with the acquisition of Retreat at Chelsea Park, a 280-unit property built in 2006. The Retreat’s prime location in Selma along the I-35 corridor in the northeast sector of the San Antonio metro has had high rental demand in recent years.

Retreat at Chelsea Park is the first closing of Embrey’s recently formed acquisition group led by Alex Sampson, vice president of acquisitions. The group is seeking multifamily procurement opportunities across high-growth Texas and Sunbelt markets.

“The Retreat at Chelsea Park community fits perfectly into Embrey’s focus on creating places where people want to be,” said Sampson. “The location is outstanding, just off I-35 with easy access to San Antonio, New Braunfels and Austin, in the middle of a rapidly evolving area that has seen the population grow more than tenfold since 2000.”

Retreat at Chelsea Park exemplifies Embrey’s value-add investment approach. About two-thirds of the one-, two- and three-bedroom units remain in 2006 condition. Embrey will upgrade unit interiors and position the property as an affordable rental option in an area along the I-35 path of growth, according to Sampson. Embrey Management Services will take over management of the community.

The sale was brokered by Patton Jones of Newmark.