Passco Cos. has made its fourth multifamily acquisition since September, purchasing a newly constructed luxury apartment community in San Antonio from Oden Hughes. The privately held California-based commercial real estate company has had an active four months, adding 1,547 units to its portfolio and selling three properties.
Passco was attracted to the 338-unit Lenox Overlook, which will be rebranded as TruNorth at Bulverde, because of the market’s strong fundamentals.
“San Antonio’s significant in-migration is only accelerating as more people are working from home and have flexibility to move out of major coastal cities in order to experience spacious units and top-tier amenities for a much more attractive price point,” said Gary Goodman, senior vice president of acquisitions at Passco. “Additionally, with 52 companies headquartered in the city, it is a thriving economy offering ample local employment.”
The multifamily community is located in the North Central submarket, with accessibility to major employment centers, close proximity to retail and recreation options, and in a top-rated school district.
“TruNorth at Bulverde leased up in just 10 months, which speaks to the exceptional strength of the asset’s amenities and location,” said Goodman. “We’re delighted to close out the year with the acquisition of this property, which offers an unmatched, high-quality living experience for San Antonio residents.”
Built in 2019, the community includes one-, two-, and three-bedroom apartments and townhomes averaging 861 square feet. The units include vinyl wood plank flooring, stainless-steel appliances, quartz countertops, gooseneck faucets, designer tile backsplashes, walk-in closets, private balconies or patios, and in-unit washers and dryers.
Resort-style amenities include a swimming pool with a sundeck, a swim-up bar, a cabana, a fireplace, a hammock garden, and grilling stations. In addition, the community features indoor and outdoor fitness centers, a dog park and wash station, an executive boardroom with a business center and a library, and a clubhouse with billiards and flatscreen TVs.
Goodman credited Passco’s industry reputation, strong capitalization, and long-term relationship with Newmark’s Patton Jones, who represented the firm in the transaction, as factors in quickly closing this acquisition. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco.
This acquisition brings Passco’s multifamily holdings in Texas to eight assets. It also owns Tribute at the Rim in San Antonio, Lakeview Villas in New Braunfels, and five additional properties throughout the state.
