San Antonio apartment complex sold

  • 2015-06-30
An institutional investor has bought the Park at West Avenue apartment complex in San Antonio.

The project has demonstrated its capability to generate a steady stream of revenue, which drew the investor's interest. Pure PW Apts LLC, based in Plano, Texas, bought the project from Embrey Development. Trey Embrey, president of the organization, was able to show Pure PW that the complex is economically viable.

Embrey said that his company is interested in continuing to develop projects such as Park at West Avenue, but is willing to sell if there is an opportunity to do so. He notes that buyers in the institutional investment market have been disinterested of late, but are now becoming more energized, especially when projects are as successful as this one.

The complex, which covers almost 30 acres, was built in 2013, and was appraised by the county as being worth $2.9 million at that time. Although the terms of the deal were not made public, for the tax years 2014 and 2015 combined, Embrey made over $64 million worth of improvements at the project, which was recently appraised at $51.6 million.

Pure PW, the purchaser, might want to work with brochure printers to create a booklet detailing the amenities of the project. It could then make the brochure available to residential realtors in the area, who could discuss Park at West Avenue with their clients.