Berkadia announces it has secured financing for the acquisition of Castle Hills Townhomes, a 148-unit apartment community in San Antonio, Texas. Senior Managing Director Mitch Sinberg of Berkadia Boca Raton and Managing Director Brad Williamson of Berkadia Miami arranged the financing on behalf of Rincon Real Estate Investments, a private investment firm based in Miami, Florida.
Argentic Real Estate Investment LLC originated the three-year, floating-rate loan with three years of interest-only.
“We continue to be attracted to investing in Texas, specifically San Antonio, given the positive underlying fundamentals,” said Tommy Rincon, managing partner of Rincon Real Estate Investments. “San Antonio has experienced record apartment rent growth of more than 7 percent over the past year. We are bullish on the demand for the townhome product given the favorable SFR-like amenities geared towards a family renter demographic which continues to face homeownership affordability hurdles.”
Located at 1947 Larkspur Drive, Castle Hills Townhomes was built in 1997 and offers one-, two-, and three-bedroom apartments ranging from 732 square feet to 1,224 square feet. Individual units include plank flooring, ceiling fans with lights, stone fireplaces, fully equipped kitchens with stainless steel appliances, washer and dryer connections, high-speed internet access, attached direct-access garages, private fenced yards, and a private patio or balcony. The gated, pet-friendly community amenities include a swimming pool, an outdoor kitchen and on-site management and maintenance.
The property is situated in the sought-after Castle Hills neighborhood, surrounded by dining, shopping and entertainment options, and it is a short drive from the San Antonio International Airport and Downtown.