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

The acquisition of the 192-unit property known as “Spice Creek” was completed on July 28, 2021 by Frisco, Texas-based Multifamily Acquisition Advisors and Irvine, California-based Blackhawk Property Holdings. This marks the venture’s third major acquisition in the San Antonio market since December 2020, totaling 832 units.

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 Property lies in the heart of the Medical Center area in Northwest San Antonio and is 540 yards from Gate 6, South Parking of the USAA Headquarters campus. Surrounding the Property is an array of employers and retail amenities. USAA and the Medical Center alone represent an employment base of 73,000. We focus on acquiring communities proximate to healthcare, technology, education and government centers.

Spice Creek currently ranks #48 of 63 total 3-Star multifamily properties in the Medical Center submarket in Effective Rent per unit. And ranks #86 of 104 multifamily properties overall in the submarket. The Business Plan calls for enhancing the resident experience by upgrading the interiors of un-renovated units, improving the “leasing path” and common area amenities, implementing revenue management technology and offering to residents an improved in-unit Internet/Entertainment package.

This strategy aligns with our mission to provide the residents of high-growth markets critically needed well-located, high-quality-of-life living spaces at affordable rents. The resident experience of Spice Creek will be enhanced under our leadership and yet post-capital rents are still projected to average under $1,000 per month.

Will Caruth, a Senior Director in the San Antonio office of Berkadia served as primary brokerage contact representing Texas-based Presidium, the Seller. All parties to the transaction – from legal to debt to brokerage to principals, were expert, efficient, fair and easy to work with. We look forward to doing more deals in the future with all.

“Spice Creek is a perfect example of a well-positioned value-add asset in a highly targeted investment submarket. MAA Blackhawk has once again proven to be an extremely well prepared and diligent buyer. Berkadia is extremely proud to continue to contribute to their growth in the San Antonio market.”

– Will Caruth, Senior Director – Berkadia

San Antonio-based Kairoi Residential manages other MAA Blackhawk holdings in the area and will manage the Property. Brant Smith and Emily Dale of Berkshire Hathaway Group’s Berkadia arranged mortgage financing, which was originated by Colony Capital’s real estate funding arm BrightSpire Capital, represented by Dan Katz. The loan closed in a brisk 29 days from application. MAA Blackhawk’s asset management arm Slingshot Asset Management, will operate the asset and oversee execution of the business plan and day-to-day operations.

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.

CONTACT:

Christopher Thomson
Managing Principal
Multifamily Acquisition Advisors
214.497.1450
christopher@multiacquisition.com