Multifamily Acquisition Advisors (MAA) and Blackhawk Property Holdings are pleased to announce our fifth notable multifamily acquisition in the San Antonio, Texas metropolitan area.
We are pleased to announce the acquisition of an extraordinary San Antonio luxury multifamily property currently known as “The Vue”. The acquisition was completed on February 24th, 2023. This marks the fifth major collaborative acquisition in the San Antonio market between MAA and Blackhawk Property Holdings – for a total of 1,223 units. The purchase was structured as a Reverse Section 1031 Exchange, to mitigate ownership’s tax consequences stemming from a future sale.
San Antonio has recently become a U.S. population growth center. With a robust employment base anchored by education, financial services, healthcare, bio-science and defense, San Antonio is seen by many as one of the more attractive multifamily markets and was ranked #12 of 80 cities in the Urban Land institute’s 2023 overall Markets to Watch” rankings for “Overall Real Estate Prospects”.
The Property occupies a unique niche, as the only residential mid/high-rise rental outside of the downtown submarket and was acquired at a substantial discount to replacement cost. The Vue lies just off of Interstate Highway 10, in the heart of San Antonio’s employment hub – 114,000 daytime employees within a 3-mile radius. Nearby major employers include USAA and the South Texas Medical Center. Our focus is on acquiring
communities proximate to healthcare, technology, education and government centers.
Originally constructed in 2005 as a condominium, the original developer ultimately abandoned the project and it sat unoccupied for 15 years. Current ownership purchased the building in 2020 and executed a gut renovation of all interior spaces. The result is a unique, modern high-rise living experience directly across Interstate 10 from the South Texas Medical Center district and its 45,000 employees. Work in the Medical Center and desire both a two-minute commute and a high-rise living experience? Only one community in San Antonio can deliver that reality – The Vue.
The Business Plan contemplates select interior upgrades, enhancing certain major building
systems and pro-active branding and marketing to the target audience. The San Antonio Investment Sales office of Northmarq listed the Property. Moses Siller and team members Zar Haro, Bryan VanCura and other Northmarq professionals performed flawlessly during the due diligence and closing process.
San Antonio-based Kairoi Residential has managed all MAA Blackhawk holdings in the area and will manage the Property. We continue to seek well-located multifamily opportunities in attractive U.S. markets. We
wish you good health and all the best in your multifamily activities.
