ARA Newmark Arranges Sale of Two Value-Add Apartment Properties in San Antonio

SAN ANTONIO — ARA Newmark has arranged the sale of two garden-style apartment communities spanning 557 units in San Antonio. The value-add properties, Mirada and The Heritage, sold separately and were both 95 percent occupied at the time of sale. ARA Newmark’s Pat Jones and Matt Michelson represented the sellers, private limited partnerships affiliated with TriVest McNeil Real Estate. In the first transaction, California-based Regional Investment & Management added Mirada to its existing six-property portfolio in Texas. Built in 1995, the 252-unit property features a fitness center and pool. The Heritage marks the 12th Texas acquisition in recent years for Austin-based CFH Investment Partners. Constructed in 2005, the 305-unit property features a gymnasium-sized basketball and sport court, grill areas and a business center.