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Three-Property Sale Achieves Timely on-BOV Close Despite Challenges
The Dunes Apartments, Montrose Place Apartments and Hidden Village Apartments recently sold for an undisclosed purchase price. Built in 1965, Hidden Village consists of 176 units that average 676 square feet. The seller owned and operated the property for 30 years.
The Multifamily Group’s Chris Siemasko, Paul Yazbeck, Jon Krebbs and Bryce Smith brokered the transactions.
“It’s always a great feeling when a seller puts their faith in us, especially on a portfolio sale. The process of getting these closed was challenging at times, mainly due to financing, but we delivered a timely on-BOV close free of retrades,” says Siemasko. “Workforce housing remains a durable cashflow investment, and we know our buyer has a great trajectory ahead with these assets.”
Built in 1960, Montrose Place consists of 72 units, which average 611 square feet. Built in 1975, The Dunes Apartments consists of 119 units averaging 622 square feet.
“Our ability to connect the dots in San Antonio have helped several sellers move tough properties,” says Krebbs.
- ◦Sale/Acquisition
