SAN ANTONIO, TX – 37th Parallel Properties, a commercial multifamily acquisitions and asset management firm, announced it has recently closed on Summit of Thousand Oaks in San Antonio, TX.

Summit is a 224-unit garden-style complex, consisting of 144 one-bedroom apartments, and 80 two-bedroom apartments. Built in 1983, the complex has 161,816 feet of rentable space.

“San Antonio is a strong multifamily market. Its population is growing at twice the national average and five Fortune 500 Companies are headquartered there,” said Dan Chamberlain, COO of 37th Parallel. “The job market is very diverse and has a long history of above national average employment rates.”

“In addition, Summit is a sister property directly next to Hillcreste at Thousand Oaks, which we bought last fall. The synergies between these two properties will benefit both investments.”

Property amenities include a community center, gated access, carports, as well as an attractive pool area and fitness center.

Cutt Ableson, managing director for Berkadia’s Houston office provided a Freddie Mac Green loan which provides a lower interest rate on the loan as well as incentives to reduce water and energy consumption at the property.

“Because of 37th Parallel’s strong operational track record, they were able to secure a non-recourse loan with several years of interest only payments.”

37th Parallel plans on implementing several capital improvement programs at Summit. Plotted improvements include new retaining walls and landscaping, improvements to the community center and leasing office and a unit improvement program that will feature updated kitchens and flooring.

Look for additional acquisition announcements later this year and beyond as 37th Parallel adds more stable multifamily assets to the portfolio.

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SAVANNAH, GA – Spandrel Development Partners, a multi-disciplined real estate investment and development firm, announced the closing of its new 275 unit mixed-use project, 630 Indian Street, located in Savannah, G.A. The property is being developed through a joint venture with real estate funds managed by AllianceBernstein LP and construction financing through Citizens Bank. HFF’s Atlanta office arranged both the debt and equity financing.

Located just steps away from the Savannah River Walk and high-end boutiques of Broughton Street, the development is slated to break ground this month with completion expected by the fourth quarter of 2019. Once built, the property will offer 275 multi-family rental apartments with 6,000 square feet of amenity space and 9,000 square feet of retail.

630 Indian Street will feature studio, one and two-bedroom residences with sweeping river, bridge and downtown views and an abundance of natural light. The expansive list of amenities will include pool, outdoor fire pit, dog walk, indoor parking, fitness center, crafts space, co-working & media lounge, gourmet kitchen, two vegetated courtyards, and Savannahs largest solar roof farm.

“630 Indian Street will offer a fully amenitized downtown lifestyle in one of Georgia’s fastest growing cities,” said Ian Levine, co-founding principal at Spandrel. “Our firm’s strengths lay in its ability to seek out unique development opportunities in cities primed for impressive growth. The growth in Savannah has made a demand for quality, new residential developments exactly like this one.”

At 360,000 square feet, the project will be one of the largest buildings in historic downtown Savannah and the first fully amenitized multi-family residential building since the 1960s. Sitting seven tales high and spread over 1.7 acres, the development will provide the vibrant city with the space necessary to satisfy the increasing demand for luxury multifamily residences within the downtown core. 

“The closing of this property allows us to play an integral role in the continued development and repositioning of real estate within the thriving city of Savannah,” said Emanuel Neuman, co-founding principal at Spandrel. “630 Indian Street will present a rare opportunity for an exceptional, highly-amenitized development in the heart of downtown.”

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