January 20, 2017
Developer Koontz Corp. sold the 141-unit City Vista apartment complex in San Antonio to Trinity University. The property, which is adjacent to the university, will be converted from market-rate housing to student housing. The purchase price was not disclosed, with the asset at 655 E. Hildebrand appraised at $27.5 million.
The property was 96% occupied at time of sale, with the majority of residents consisting of Trinity University students. City Vista delivered in 2015 and was originally directed toward young professionals who were not ready to purchase a home.
The university will keep current leases intact. The asset will be quickly repositioned to student housing, making City Vista available for incoming fall 2017 residents.
For comments, questions or concerns, please contact Amy Sorter
For advertising information, please contact Joni Margotta