Glennwoods’ New Owners Seek Value-Add Renovation
Glennwood Apartments consists of 12 buildings at the intersection of Blanco and Basse roads on 6.36 acres in San Antonio. The property is currently 100 percent occupied and consistently remains at this level due to the location’s strong fundamentals.
The multifamily asset recently sold for an undisclosed purchase price. The Multifamily Group’s managing directors Chris Siemasko and Bryce Smith represented the seller and procured the undisclosed buyer.
“We are glad we were able to successfully navigate the COVID challenges that were thrown at us at the last minute and make it a win-win for everyone,” said Siemasko.
The average rental rates for one- and two-bedroom units in the submarket ranked third and fourth out of the 45 San Antonio submarkets in terms of growth. The new owners now have an opportunity to complete renovations on 85 percent of the units and increase rents by $170 per month.
The Multifamily Group has facilitated eight transactions in the San Antonio market in the past 12 months.
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