CONCIERGE ASSET MANAGEMENT PURCHASES 208-UNIT APARTMENT COMMUNITY

UNIVERSAL CITY, TEXAS — The Houston office of Concierge Asset Management (CAM) has purchased Sunrise Canyon Apartments, a 208-unit apartment community located at 501 Sunrise Canyon Dr. in the San Antonio suburb of Universal City. The Class B, gated community contains a mix of one-, two- and three-bedroom units. Apartment sizes average 858 square feet and rents average $864 monthly. It was 88 percent occupied at the time of closing. The seller, Corpus Christi, Texas-based SRC Universal Partners, was represented by Bobby Bull and Matt Lockin of Transwestern’s Phoenix office, as well as Alan Grilliette of Transwestern’s San Antonio office. Financing was arranged by the Houston office of Capmark Finance through Freddie Mac. The 7-year, floating rate loan carries an initial interest rate of 4.45 percent with a built-in cap. CAM’s future plans include upgrading the property to Class A status. Sunrise Canyon marks the second San Antonio-area multifamily community the company has purchased in the past 3 months.