September 16, 2020
The Multifamily Group (TMG) recently sold Spanish Keys Apartments in San Antonio. TMG senior advisors Chris Siemasko and Bryce Smith worked with the Dallas-based seller and procured the buyer, locally-based DJE Texas Management Group.
The sale is the 10th transaction in San Antonio that TMG has closed in the past 18 months. An additional five deals are in escrow.
Spanish Keys was built in 1965 and consists of 154 units. It provides an opportunity for the new owner to add value to the property by performing both interior and exterior renovations. The property’s submarket has an average rental rate of $790/month, ranking it 14th out of 41 submarkets in San Antonio.
This will be DJE’s sixth acquisition in the San Antonio market. “It is so nice to work with investors that know the market and have confidence in their business model,” said Smith.
For comments, questions or concerns, please contact Paul Bubny