BlackHawk Property Holdings and MAA Acquire 304-Unit San Antonio Property

diamond-ridge apartmentsFrisco, TX – December 2020 – The acquisition of the 304-unit Diamond Ridge Apartments in San Antonio, Texas was completed on December 18, 2020 by California-based BlackHawk Property Holdings and Frisco, Texas-based Multifamily Acquisition Advisors.

San Antonio has become a consistent 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 ranks #12 of 80 cities in the Urban Land institute’s 2020 overall “Markets to Watch” rankings.

The micro-location of Diamond Ridge within the San Antonio metro is also exceptional. It is located just off of the “Loop” Interstate 410 in the northeast quadrant. It is directly adjacent to major retail including Walmart, Home Depot, Sam’s Club and PetSmart, and is a ten-minute commute to both South Texas Medical Center and USAA headquarters. These two institutions alone represent 75,000 employees.

Diamond Ridge performed exceptionally well in a COVID environment. 98% occupied at closing, as a well-located community with an attractive physical plant but with average monthly rent in the $780 range, Diamond Ridge personifies critically needed high-quality-of-life living spaces at affordable rents. The value-add strategy aligns with this need. The resident experience will be enhanced via a moderate interior upgrade beginning in Q3 2021 with post-capital rents still projected to average under $1,000 per month.

The San Antonio Berkadia team of Ryan Epstein, Will Caruth, Mike Miller and Cody Courtney performed flawlessly in brokering the transaction with Mr. Courtney serving as primary contact.

“Chris Thomson and MAA, along with BlackHawk Property Holdings, managed to pull off the acquisition of the year in San Antonio, participating in a full marketing process, running the gauntlet through a competitive Best and Final process and ultimately stepping up to do what it took to win the deal. Despite the COVID-19 Pandemic and the usual huddles that come up through a thorough due diligence, they closed ahead of schedule and fulfilled their contractual obligations to the fullest.”

-Cody Courtney, Director – Berkadia

San Antonio-based KaiRoi Management will be retained as Property Manager. Brant Smith and Emily Dale of Berkadia Capital expedited exceptional mortgage financing in an almost unheard of 37 days application-to-close. BlackHawk and MAA will jointly operate the assets overseeing execution of the business plan and day-to-day operations.


Christopher Thomson
Managing Principal
Multifamily Acquisition Advisors, LLC