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| Maurice Kaufman |
SAN ANTONIO, TX (July 26,
2017) – A joint venture between AMAC Holdings and EBEX Holdings has teamed up
with property management firm United Apartment Group to acquire Crescent at Alamo Heights, a 306-unit
multifamily apartment community located in the marquee San Antonio neighborhood
of Alamo Heights.
“Crescent at Alamo Heights
enjoys a prime location within one of the most desirable submarkets in San
Antonio,” says Maurice Kaufman, a
Founding Principal at AMAC Holdings. “The property has not been renovated in
over 10 years and presents a tremendous value-add opportunity through unit
upgrades and an operational overhaul.”
Built in 1993, Crescent at
Alamo Heights sits on 14.6 lush landscaped acres and features a unit mix of
one-, two- and three-bedroom units ranging from 669 to 1,370 square feet in
size.
The units at Crescent at Alamo Heights include
9-foot ceiling heights, walk in closets, washer/dryer connections and
patios/balconies. Amenities include gated-access, assigned parking, a
pet-friendly policy, swimming pool, fitness center, laundry room, playground,
picnic area with barbecues, and a business center.
The new owners have plans
for an extensive renovation and rebranding strategy that will include both
interior and exterior improvements, as well as amenity upgrades.
“This was a very complex
transaction with a few months of negotiations with the sellers, a large tenants
in common group,” says Evan Goldenberg,
Principal at EBEX Holdings.
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| Evan Goldenberg |
“Ultimately, the effort was worth it, as we
were able to close at a price-per-unit of $121,000. We have only owned Crescent
at Alamo Heights for a month, but we are already hearing from tenants who are
extremely excited about our rehabilitation plans, as the community has seen its
share of deferred maintenance from previous owners.”
Joshua Ross,
Vice President Investments at Marcus & Millichap’s Encino office,
represented AMAC Holdings and EBEX Holdings in the transaction. The sellers
were represented by Ryan Epstein,
Senior Managing Director at Berkadia’s Houston office, and Mike Miller, Senior Director at Berkadia’s San Antonio office.
United Apartment Group, a
San Antonio-based property management firm led by Principals Carrie Girgus and Tim Settles, will
handle daily operations at the property.
For a complete copy of the company’s news release,
please contact:
Bonnie Habyan
516-506-4615
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