The local real estate investment company, Internacional Realty, recently purchased a massive, 208-unit-sized apartment complex in Universal City. The firm bought the property from Lowe Enterprise Inc., a real estate development firm based out of Los Angeles. The apartment complex in question is named Sunrise Apartment Homes.
As of yet, the price of the complex has not been revealed. The 8.2-acre property, however, was recently appraised with a value of $19.4 million. Also, we know that Freddie Mac contributed a $15.2 million loan to make the purchase possible.
The complex, which was constructed in 2005, has apartment units ranging in size from one- to three-bedrooms. The units are anywhere from 664 to 1,221 square feet in area. Renting a unit in the facility will cost between $836 and $1,480 monthly. The facility also includes several amenities, like a pool, internet cafe, fitness studio, business center and dog park.
This is not the only property that Internacional Realty has purchased in and around San Antonio this past year. The firm also bought a 288-unit apartment complex called Dwell at Legacy. That property is said to have a value of approximately $39 million. The firm is said to own nine apartment buildings in the area.
A large commercial real estate property investment can be risky, so it's vital that real estate firms and private investors have all their legal documents in a row before they take a risk like this. Working with a skilled San Antonio real estate attorney can be especially helpful to protect one's legal rights and business interests when making a purchase like this.