San Antonio—New York-based Benefit Street Partners and New Jersey-based Strategic Properties of America have placed the Augusta Flats apartments at 714 McCullough Ave. in San Antonio on the market. An offering price was not disclosed, though a 2023 valuation gives the site an assessed value of $57M. Marketing materials indicate the 260-unit, 207,000-square-foot property is available to buy “significantly below” replacement cost. It also points out that existing tax incentive agreements with the city of San Antonio will carry over to the new owner. Offers are due to Newmark by October 17.
Dallas—CBRE announced today that Farhan Kabani has joined the firm’s Debt & Structured Finance team as an Executive Vice President focused on financing solutions for middle market and private clients nationwide. Based in Dallas, Mr. Kabani will procure debt and equity for commercial real estate middle market assets, including single-tenant and multi-tenant commercial properties. Over his 17-year career, he has structured thousands of transactions and secured over $6 billion of capital for his clients.
San Antonio—Florida-based JBL Asset Management has purchased the Olmos Creek Shopping Center in San Antonio. The company took out a loan from Morgan Stanley as part of the deal, but the selling price was undisclosed. The three parcels that comprise the center have an assessed value of $10.15 million, according to 2023 valuations. The center is anchored by a Planet Fitness.
Houston—Lion Real Estate Group, LLC (“LREG”), a real estate investment and asset management firm focused on acquiring value-add and opportunistic multifamily properties, today announced the hire of Loyal Proffitt as President of Operations.In this role, Mr. Proffitt will be responsible for the daily operations of LREG’s portfolio nationwide.
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.