December 10, 2020
Alex. Brown Realty (ABR) and joint venture partner Continental Realty Group, through its Continental Realty Assets (CRA) subsidiary, acquired Club at Stone Oak Apartments, a 250-unit apartment community in San Antonio. ABR Chesapeake Fund VI, a value-add real estate fund sponsored by ABR, invested $7.3 million in the JV.
Built in 2005, the community includes a mix of one-, two- and three-bedroom units with 9’ ceilings and private patios and balconies. The JV plans a strategic renovation program for the unit interiors and targeted enhancements to the common areas and amenities.
“Even given the economic challenges and uncertainties of today, we are believers in the San Antonio market due to its diversified and expanding employment base coupled with the relative affordability and quality of life it has to offer,” said Robert Ireland, CRA’s managing director of investments.
Club at Stone Oak represents the first transaction between ABR and CRA.
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