Multifamily developer Oden Hughes shook hands with a private California investment group to sell Lenox Stone Oak, a 312-unit apartment property in San Antonio’s north central submarket. Patton Jones with Newmark Knight Frank negotiated on behalf of the Austin-based seller, with Patrick Short, also of NKF, sourcing acquisition financing for the buyer, which operated under the name Ehrlich Lenox Stone Oak LLC.
Situated at 1207 Agora Palms Dr., the property (already renamed Agora Stone Oak) delivered in 2017, and consists of one, two and three-bedroom layouts. Amenities include a pool plaza and outdoor entertainment area, fitness center, dog park with pet-washing station and clubhouse.
“The buyer had an urgent need for a 1031 exchange and Lenox Stone Oak checked all the boxes for them,” Short said. “Further, there were additional requirements for the group in terms of financing, which we were able to accommodate with a 20-year fixed rate Life Company loan.”
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