SAN ANTONIO, TX--(BUSINESS WIRE)--San Antonio-based Embrey Partners, Ltd. has sold San Antonio’s first urban main street development, Quarry Village (top left photo), for an undisclosed amount to a Dallas-based real estate private equity fund advised by Crow Holdings Capital Partners, L.L.C. (“CHCP”). The 10.7-acre, mixed-use property includes The Artessa (middle right photo), a 280-unit luxury apartment community, and a 70,785-square-foot retail development. The transaction closed on August 31, 2011.
At the time of sale, the apartment community was 98.5 percent occupied and the retail development, with completion of current tenant finish work and leases under negotiation, will be 90 percent leased by year-end.
Craig LaFollette (bottom left photo) of Holliday Fenoglio Fowler, L.P., represented Embrey and equity partner Nationwide Insurance in the transaction.
This is the second Embrey development a CHCP-advised fund has purchased and the third San Antonio apartment purchase since the institutional buyer started investing in the market 12 months ago.
The purchaser has retained Embrey Management Services to provide property management for the Embrey developments as well as The Preserve on Fredericksburg, a San Antonio asset owned by an affiliate of CHCP.
Contacts
Embrey
Debi Pfitzenmaier, 210-669-6911
or
Crow
Asset Manager – Artessa at Quarry Village, 214-661-8000
or
Holliday Fenoglio Fowler
G. Craig LaFollette, 713-852-3500
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