SAN ANTONIO, TX - Lowe Enterprises Investors, in joint venture with an investment client, has acquired the 208-unit Sunrise Canyon apartment community at 501 Sunrise Canyon Drive in Universal City, a northeastern suburb of San Antonio, Texas.
Built in 2005, the nine building, gated community offers one, two, and three-bedroom units all with spacious balcony or patio, as well as a clubhouse, resort style pool, fitness center, business center, outdoor kitchen with grilling area and a dog park. Unit interiors feature high ceilings, upgraded appliances and finishes, walk in closets, wood style flooring and ceiling fans. The majority of the units also have a washer and dryer. While many units have been lightly renovated, LEI plans to continue and enhance property improvements including upgrades to unit lighting, flooring and fixtures as well as renovations to the clubhouse, pool and parking area.
“Sunrise Canyon is solid-performing multifamily property located just 10 miles from the heart of metro San Antonio and the major transit corridor to Austin, a primary path of growth in the area,” said Andy Sands, managing director of LEI. “The strong local economy combined with convenient access to downtown, and an excellent school system, make the area attractive to both families and young professionals.”
Universal City is a highly desirable Northeast San Antonio submarket with Randolph Air Force Base, Randall Brooks Federal Credit Union and Rackspace among the leading area employers. Sunrise Canyon residents enjoy convenient access to abundant retail, dining and entertainment options including a major master planned retail center offering 1.2 million square feet of retailers and restaurants.
LEI’s acquisition team was led by John Gaghan. United Apartment Group has been retained to provide property management services. CBRE represented the seller, KKR. Berkadia provided financing services.
The transaction is the latest in LEI’s active expansion of its multifamily investment portfolio in select markets across the country. LEI continues to seek multifamily and commercial acquisition and development opportunities nationwide.