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Real Estate Partners Purchases 319-unit Garden Apartment Community
for More than $16 Million in San Antonio, TX
Irvine, CA — Real Estate Partners, Inc., a dynamic real estate investment and management services company, specializing in the acquisition, repositioning, management and disposition of high-growth properties, announced today the purchase of a 319-unit garden apartment community in San Antonio, TX from Texas Bay Oaks of Marymont LP. With this recent acquisition, Real Estate Partners now owns and manages approximately 5,500 apartment units.
Real Estate Partners purchased The Oaks of Marymont for more than $16 million. The property consists of 38 buildings situated on more than 16 acres. Amenities include two large pool areas, a clubhouse, fitness center, children’s play area, laundry center and leasing office. Constructed in 1974, The Oaks offers the only spacious four-bedroom floor plans in the marketplace. The units range in size from 700 square feet to over 1,600 square feet with the average unit size of more than 1,100 square feet.
“This property is a wonderful complement to the existing Real Estate Partners’ San Antonio portfolio,” says Tom Thompson, president of Real Estate Partners. “Real Estate Partners now owns four properties in San Antonio in four distinct markets.”
In December 2004, Real Estate Partners purchased two multifamily communities in San Antonio, totaling 488 units, and acquired an 856-unit apartment community in the Phoenix area last September. The combined acquisition and rehabilitation cost of the three apartment communities totals nearly $56 million.
Real Estate Partners plans to renovate and upgrade The Oaks and improve management to better serve the residents. A renovation budget of approximately $3.5 million is scheduled.
“When The Oaks was constructed, it was considered the most desirable multifamily property in San Antonio. It is our intent to restore the property to its former grandeur to compete with the newer ‘A’ type properties in the area. Our primary focus will be to upgrade the kitchens, bathrooms, exterior landscaping and pool areas. The clubhouse, once a focal point of the property, will be completely renovated,” Thompson notes.
Located at 8800 Starcrest Drive, two blocks from the prestigious St. Mary’s Academy, The Oaks of Marymont is a short drive from Fort Sam Houston and minutes from San Antonio International Airport.
“We also launched Real Estate Partners Asset Management Services so that we can more expediently buy assets in areas where we don’t already have a significant management infrastructure in place, knowing we can quickly renovate and reposition those assets to meet the needs of the local marketplace. With $475 million in real estate assets and a time-proven team and business model in place, Real Estate Partners is certainly well positioned to continue its accelerated growth and acquisition program,” Thompson added.
Sperry Van Ness in Austin represented both the buyer and seller. Financing for the acquisition of The Oaks of Marymont was provided through GMAC.
About Real Estate Partners
Real Estate Partners, Inc., based in Irvine, CA, is a privately held real estate investment services firm specializing in the acquisition, repositioning, management and disposition of high-growth properties, including multifamily, retail, office and industrial. Real Estate Partners offers unique opportunities to individual and group investors and 1031 exchanges requirements. The principals and officers of Real Estate Partners are creative, experienced commercial real estate investment and finance professionals who are dedicated to maximizing investor value through strategic acquisitions, key partnerships and a suite of management services. Currently, Real Estate Partners’ owns and manages $475 million in real estate assets, including approximately 5,500 multifamily units and 550,000 square feet of commercial property.
The firm also holds a majority interest in Real Estate Partners Asset Management Services, Inc. and REP Commercial, Inc., a full-service brokerage firm. For more information, call 877-986-1700 toll-free or visit www.realestatepartnersinc.com.
Photo is available of the property via monacomm@pacbell.net
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