Investcorp recently acquired a site next to the San Antonio Airport from Los Angeles-based real estate firm Omninet Capital. The San Antonio Business Journal reports Investcorp took out a $36.2 million loan from BankUnited as part of the transaction.
The properties in question carry a combined assessed value of $17.95 million, according to the Bexar County Appraisal District. The company acquired 10 buildings in the sale. A separate entity — Starcrest Blossom LLC — continues to own a portion of the office park at 12095 Starcrest Drive.
Investcorp is a Bahrain company whose website says, “Investcorp is a leading global manager of alternative investments with six lines of businesses, including: private equity, real estate, absolute return investments, infrastructure, credit management, and strategic capital.”
On its website Omninet touts, “Omninet Capital is currently focused on sourcing opportunities from the distressed residential and commercial real estate markets. With experience across all property types, the firm is actively acquiring value-added commercial real estate, as well as multi-family apartment buildings with value-add potential.”
Connect Texas Multifamily 2023 will take place on Aug. 22, 2023 at Virgin Hotel in Dallas. Click here for more information and to register.
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.