BlackHawk Property Holdings and MAA Acquire 336-Unit San Antonio Property

Frisco, TX – June 2021 – California-based BlackHawk Property Holdings and Multifamily Acquisition Advisors (MAA) are pleased to announce a second exceptional multifamily acquisition in the San Antonio, Texas metropolitan area.

The acquisition of the 336-unit property known as “The Maxwell” was completed on June 11, 2021 by California-based Blackhawk Property Holdings and Frisco, Texas-based Multifamily Acquisition Advisors.

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 2020 overall Markets to Watch” rankings.

The Maxwell is located in the desirable Westover Hills submarket. The neighborhood has a pleasant suburban ambience with a 71%/29% owner/renter ratio. Neighboring Far West San Antonio is rapidly developing office space for an ever-expanding workforce. At the same time, new supply of multifamily units in the area is tightening. This dual dynamic is expected to create above-average market rent growth for the Maxwell market area in the near and intermediate term.

The Maxwell currently ranks 26th of the 36 apartment communities in the Westover Hills market in effective rent at $908 per unit and was 86.6% occupied at closing. Sub-market occupancy stands at 92.0% with average market rent of $1,094 per unit, up 31.3% since 2011. The business plan is to upgrade building systems to enhance efficiency, improve curb appeal, renovate approximately 1/3 of the units and initiate pro-active marketing and revenue management. This strategy aligns with our mission to provide critically needed high-quality-of-life living spaces at affordable rents. The resident experience will be enhanced and yet post-capital rents are still projected to average just over $1,000 per month.

The Central Texas Jones Lang LaSalle team of Sean Sorrell and Robert Arzola performed exceptionally in brokering the transaction with Mr. Arzola serving as primary contact.

“JLL Central Texas Multi-Housing Team had the pleasure of closing the Maxwell Apartments in San Antonio with Christopher Thomson of MAA and their partner Blackhawk Property Holdings. Our team was thoroughly impressed with their performance. MAA Blackhawk always gave us immediate feedback and were very transparent. Chris’ team works quickly. MAA Blackhawk mobilized attorneys, vendors, management companies, inspections, etc. sometimes within hours. There was never a challenge too difficult for them to overcome. This was our team’s first closing with the group and we look forward to many more together.”

-Robert Arzola, Director – JLL Capital Markets

San Antonio-based Kairoi Residential manages other MAA Blackhawk holdings in the area and will manage the Property. Jeremy Womack of Jones Lang LaSalle Capital Markets group expedited mortgage financing originated by Franklin Templeton’s Benefit Street Partners in an incredible 22 days from application to close. A newly formed joint entity Slingshot Asset Management, will operate the asset and oversee execution of the business plan and day-to-day operations.

We continue to seek a wide variety of well-located multifamily opportunities in attractive U.S. markets. In this challenging environment, we wish you good health and all the best in your multifamily activities.


Christopher Thomson
Managing Principal
Multifamily Acquisition Advisors