Austin Texas, March 30, 2021 (GLOBE NEWSWIRE) -- GenCap Partners, Inc., a subsidiary of GenCap Group, a Dallas-based real estate investment operator and advisor, has sold the Park at Rialto, a multi-housing community located in northwest San Antonio.
The sale was brokered by JLL Capital Markets on behalf of the buyer Covenant Capital Group. The deal was closed for an undisclosed amount of 7-year, fixed-rate acquisition financing secured through Freddie Mac. JLL Real Estate Capital, LLC, an indirect subsidiary of JLL, Inc and also a Freddie Mac Optigo lender, will be servicing the loan for Covenant Capital.
The Park at Rialto, a 274-unit multi-family apartment community spread across 9.3 acres is considered to be a premium real estate property chiefly due to its proximity to some of the major employment hubs of the city. In addition, the community also offers easy access to many premier dining and entertainment, retail and recreational centers of San Antonio.
The facility, complete with a resident clubhouse, a fully equipped fitness center, a resort-style swimming pool, and a shopping plaza, offers a high urban lifestyle for its residents. The units, with an average size of 882 sq. ft, feature 1, 2 and 3 BHK floor plans. In addition, there are also a few standalone studio apartments. All the homes at the community boast of luxury features such as walk-in closets, private balconies, and stainless-steel appliances. The community, constructed in 2018, is also National Green Building Standard certified.
During the transaction, Sean Sorrell, senior managing director of JLL Capital Markets, represented the seller party GenCap Partners. On the buyer's side, the financing efforts were managed by JLL lending advisors and analysts Scott Dickey and Alastair Barnes with senior director C.W. Sheehan at the helm.
Upon the closure of the transaction, Sheehan congratulated Covenant Capital on their latest acquisition. The senior real estate analyst commented that The Park is a great acquisition for the group and will further bolster the group's efforts to expand their investment portfolio in Texas. Ideal location combined with high end amenities means the property will continue to benefit from the expanding growth between San Antonio and Boerne, Sheehan commented.
On the seller's side, CFO of GenCap Partners Gary Williams sounded upbeat about the new real estate opportunities offered by places like Austin and San Antonio. Williams commented that central Texas markets like the above make for highly attractive investment markets at the present. He remarked that in addition to a significant growth in demand for high end multifamily apartments in these suburban areas, they have also noted that real estate investors appear all willing and ready to invest in this growth as well. This is why, William said, that GenCap Partners has already attached itself to three new projects in these areas.
About JLL
JLL, a Fortune 500 company, offers real estate investors a diverse range of solutions through one integrated platform. The firm, with operations in over 50 countries, employs close to 4,000 Capital Market Specialists and provides comprehensive investment solutions for real estate occupiers and investors. It also provides complete sales, acquisition and disposition services through its considerable loan servicing, asset management and loan underwriting capabilities.
For more information visit: Sale and financing secured for San Antonio apartment complex (jll.com)