SAN ANTONIO, TX – San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Niche Apartments in San Antonio, Texas. The firm originally bought the 150-unit, garden-style apartment community was in 2016, and the sale closed on April 5, 2022. The sale of Niche Apartments represents Hamilton Zanze’s second disposition of 2022.
During their ownership, the firm completed numerous exterior improvements, which included renovations to the fitness center, roof replacements, and pool enhancements. Additionally, 54 units were updated with stainless appliances, quartz countertops, and new fixtures to improve the community residents’ quality of life.
“The Niche Apartments’ returns exceeded initial expectations over our projected five-year hold period,” said Anthony Ly, director of dispositions at Hamilton Zanze. “This investment exemplifies our strategy to identify opportunities, invest in and capture upside from multifamily properties through renovations, upgrades, and improved management.”
The Niche Apartments were built in 2000 and is located at 33 Lynn Batts in San Antonio. The property comprises 150 one-, two-, and three-bedroom units averaging 955 square feet. The community has a resort-style pool and spa, a dog park, a fitness center, barbeque and picnic areas, and nature trails.
The Niche is a plotted, gated community near Interstate I-410, located in the Oakwell Farms neighborhood in the city of San Antonio just 10-minutes away from the International Airport. Residents have access to its well-maintained facilities including a pool, on-site park, and tennis courts. The neighborhood is roughly 20 minutes away from Downtown San Antonio, putting the amenities and conveniences of the city just a small drive away.

Powered by WPeMatico

WILLIAMSBURG, VA – Capital Square, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced the acquisition of a 207-unit, value add multifamily community in Williamsburg, Virginia. The community was bought on behalf of CS1031 Sterling Manor, DST.
“Sterling Manor Apartments in historic Williamsburg, Virginia is an exceptional addition to Capital Square’s growing portfolio of apartment communities in the southeast,” said Louis Rogers, founder and chief executive officer of Capital Square. “An investment in Sterling Manor combines stable cash flow and appreciation with value added from upgrading the original apartment units. Capital Square continues to own the home court as the top apartment buyer in the region.”
Located at 155 Sterling Manor Drive, the five-building luxury apartment property offers townhomes and garden-style apartments with spacious floorplans and best-in-class finishes. The community was constructed in 2008 and features 137 renovated units, and the sponsor intends to renovate the remaining 70 units to capture additional rental income. The property amenities include a swimming pool, fitness center, resident lounge, business center, grilling/BBQ area, game room, bicycle storage, private balconies, package lockers, surface parking, and detached garages.
Sterling Manor is located in a thriving submarket that features average annual household income in excess of $100,000and a strong multifamily occupancy rate of 96.6 percent, according to Claritas. The region is exceptionally strong, with 2,917 apartment units delivered and 3,914 apartment units absorbed during the last 12 months, a vacancy rate of 4.8%, and 12-month asking rent growth of 12.2%. Axiometrics projects average annual rent growth of 12.4 percent in the submarket between 2022 and 2023.
“Sterling Manor is a luxury multifamily investment opportunity for investor seeking upside in a value-add strategy,” said Whitson Huffman, chief strategy and investment officer. “The property features high-end amenities in a high-income market with strong occupancy and growing demand for quality multifamily living.”
Just 1.1 miles from the campus of the historic College of William & Mary, one of the oldest and most storied universities in the United States, and 2.5 miles from Colonial Williamsburg, Sterling Manor resides in a virtual time capsule of American history. Williamsburg’s economy is tourism-based and driven by Colonial Williamsburg, the largest outdoor educational living museum in the country which provides immersive and authentic 18th-century programming for hundreds of thousands of tourists annually, and two theme parks: Busch Gardens Williamsburg and Water Country USA. In 2015, an estimated 2.78 million guests attended Busch Gardens Williamsburg, ranking it twentieth in overall attendance among amusement parks in North America.

Powered by WPeMatico

HUNTSVILLE, AL – The Michaels Organization, a national leader in residential real estate, along with its joint venture partners, Albert Reuben Capital, LLC (ARC) and ICV Rep, a Family Office from Santiago, Chile, is set to break ground on its first market-rate multifamily community in Alabama, following a successful financial closing.
Located in the heart of a growing residential area just seven minutes from downtown Huntsville, the new Dean at Chase Creek apartment community will offer a modern, amenity-rich living opportunity for professionals in what’s becoming one of the most rapidly growing tech hubs in the country. The co-developer, ARC, LLC is led by Seth Heller, managing partner of ARC, a real estate private equity and advisory firm based in Miami.
“Michaels is excited to bring this high-quality housing to Huntsville, where our residents can be close to major employment centers, retail, and cultural amenities,” said Michael Flanagan, Executive Vice President of Development at The Michaels Organization.
The $73 million development, to be built on a 17.55-acre site, will feature 336 apartments in three-tale, garden-style walk-up buildings. Amenities will include a clubhouse and resort-style pool with pavilion, grilling areas, electric car charging stations, dog wash and park, upscale fitness and agility rooms, conference rooms and collaboration spaces. Residents will also have the option to rent garages.
Michaels has owned and operated affordable apartment communities in Alabama for more than a decade, but the Dean at Chase Creek will be its first market-rate community and its first in the Huntsville area.
ARC is currently focused on horizontal and vertical land development throughout the southeastern part of the United States with a particular focus on Huntsville, Alabama.
Nicknamed “The Rocket City,” Huntsville is home to NASA’s Marshall Space Flight Center, Redstone Arsenal, state-of-the-art medical facilities, FBI’s HQ2, the Mazda-Toyota Manufacturing U.S.A, and the Cummings Research Park, the second-largest research park in the United States. Major employers are located within one mile from the site, largely concentrated in the 1,700-acre Chase Industrial Park, which has a daytime population of over 4,500 people. Major employers within the park include Johnson Controls, Qualitest, Cinram, and PPG Industries.
Urban Practice is serving as the architects. Michaels Construction will serve as the General Contractor and Michaels Management will serve as the property manager.

Powered by WPeMatico