Kairoi Residential’s recent acquisition of a large apartment complex in San Antonio Medical Center highlights a hot investor market with strong job and population growth.
Local firm led by Michael Lynd in 3711 Medical Drive, west of Interstate 10 on the northwest side of the city, San Antonio Business Journal report. Kairoi acquired the site from CBRE’s investment management arm.
Terms of the deal were not disclosed, but Bexar County Records show the company borrowed nearly $57.30 in a loan from Newmark subsidiary Berkeley Point Capital to finance the acquisition. The property was recently appraised at $88 million by the Bexar County Appraisal District.
It was built in 2000, CBRE acquired it in 2018according to the evaluation area records.
“Investors have viewed the local multifamily housing market as one of the safest bets,” the publication wrote.
Signature Ridge features 1, 2, and 3 bedroom floor plans ranging from 600 to 1,300 square feet. Rents start at $933 for the smallest unit and go up to nearly $1,800. Amenities include a clubhouse with a full kitchen and lounge area, two swimming pools, a dog park, picnic area with grills, fitness center and business center, according to its website.
Kairoi owns several other apartment complexes in San Antonio, such as the 274-unit Hawthorne House and the 330-unit Sterling at Oak Hills. The two sites are also located near the Northwest Medical Centre, a mixed-use development with medical, retail and restaurant spaces.
Elsewhere in Texas, Kairoi plans to redevelop a 71-acre industrial site in Austin into a mixed-use complex with more than 2,000 homes, offices, hotel, shopping plaza, restaurant space and possibly a theater or music venues.
The company is developing a $55 million, 55-unit apartment complex in the Dallas-Fort Worth area.
— Quinn Donoghue