PCCP, LLC announced that it has formed a joint venture with Kairoi Residential for the acquisition and renovation of Boulevard at Sonterra, a 326-unit garden-style multifamily property located at 210 E Sonterra Blvd. in the Stone Oak submarket of San Antonio, TX.
“Kairoi is the hometown team and we are thrilled to have such a skilled partner that knows the dynamics of the market so thoroughly,” said Tina Ramos, Vice President with PCCP. “Over the coming months we will execute a value-add business plan that capitalizes on the asset’s strong location, renter base, and positioning within the submarket.”
The new ownership venture will strategically invest capital into common area amenities and unit interiors to better align the asset with tenant demand in a well-performing submarket. Built in 2000, the property offers a mix of one-, two-, and three-bedroom units along with market standard amenities such as a clubhouse, pool, fitness center, and media room.
Boulevard at Sonterra is within San Antonio’s Stone Oak submarket which is 17 miles north of downtown San Antonio and is known for its strong demographics and highly rated public schools. Additionally, the asset is less than one-mile north of Loop 1604 which provides direct access to downtown and all areas of the MSA via I-10 and Highway 281. The immediate area surrounding the property features a mix of restaurant and retail amenities such Trader Joe’s, Whole Foods, Target, Costco, and LA Fitness, as well as single-family, master-planned residential communities. Within two miles of the property are several prominent hospital systems, including Methodist Hospital Stone Oak, which help drive tenant demand.