Mulberry Village Apartments
Mulberry Village Apartments
Steelhead Investments Provides Advisory Services on $4.5 Million Apartment Building in San Antonio, Texas.
Steelhead Investment Advisors is pleased to announce the sale of the Mulberry Village Apartments located in San Antonio, Texas. Mulberry Village is a 187-unit multifamily community consisting of 17, two-story apartment buildings totaling 146,040 rentable square feet. Originally built as three different apartment complexes, the first complex was constructed in 1959, followed by the other two in 1964 and 1968. The property was suffering from mismanagement, and was in need of a lease-up. As a result of being on three adjoining lots, with 3 separate parcel numbers, the properties were sold under 3 separate contracts to help the buyer complete a 1031 exchange.
Multifamily Investment Highlights:
- $5.05 Million Sale Price
- $27,005 Price Per Unit
- 6.4% Cap Rate with Upside
- 76% Occupancy at time of sale
Area Highlights:
The property is located just blocks away from Fort Sam Houston; the largest major military installation and air field in San Antonio. Recent base closures and military realignments have in fact benefited San Antonio, especially Fort Sam Houston, bringing in an estimated 11,000 new jobs to the region over the next few years. The Department of Defense recognizes San Antonio as a preferred location because of the high quality medical facility at Ft. Sam, the lower cost of living, and the availability of off-post housing.
Steelhead Capital Investment Advisory Services specializes in the disposition and acquisition of multifamily investment opportunities. Contact us today to learn more about how Steelhead can help you maximize your investment portfolios.
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