The 200-unit RiverBend Apartment Homes is located at 8237 South Flores Street in San Antonio, Texas. Northmarq represented both the seller, Regional Investment and Management and the buyer, Two Ten Management. TwoTen’s Mauricio Ramos says financing in todays market is a challenge, “Our capital stack includes debt capital with a 65% [loan-to-value ratio], then we raise the rest of the capital from a pool of equity partners. We use the equity for the down payment, capital expenditures, operating and other acquisition costs.” San Antonio Business Journal reports TwoTen raised about $7 million in equity capital.
RiverBend Apartment Homes is newly renovated and was built in 1984. The gated community features two resort-style pools, clubhouse, playground, basketball court, picnic area, courtyard, on-site property management, on-site maintenance, recycling, and additional storage space. Apartment features include private patio/balcony, brick fireplaces, vaulted ceilings, hardwood floors, energy efficient appliances, high speed internet access, and surface parking space.
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.