AMAC, EBEX Holdings Acquire 306-Unit San Antonio Apartment Community for $38.25MM
SAN ANTONIO (July 24, 2017) – A joint venture between AMAC Holdings and EBEX Holdings has teamed up with property management firm United Apartment Group to acquire Crescent at Alamo Heights, a 306-unit multifamily apartment community located in the marquee San Antonio neighborhood of Alamo Heights.
“This was a very complex transaction with a few months of negotiations with the sellers, a large tenants in common group,” says Evan Goldenberg, Principal at EBEX Holdings. “Ultimately, the effort was worth it, as we were able to close at a price-per-unit of $125,000.”
Built in 1993, Crescent at Alamo Heights sits on 14.6 lush landscaped acres and features a unit mix of one-, two- and three-bedroom units. The new owners have plans for an extensive renovation and rebranding strategy that will include both interior and exteriors improvements, as well as amenity upgrades.
“We have only owned Crescent at Alamo Heights for a month, but we are already hearing from tenants who are extremely excited about our rehabilitation plans, as the community has seen its share of deferred maintenance from previous owners,” says Maurice Kaufman, a Founding Principal at AMAC Holdings. “Given its great bones and prime location within upscale Alamo Heights, this will be one of the premier rental destinations in San Antonio once improvements are complete.”
Joshua Ross, Vice President Investments at Marcus & Millichap’s Encino office, represented AMAC Holdings and EBEX Holdings in the transactions. The sellers were represented by Ryan Epstein, Senior Managing Director at Berkadia’s Houston office, and Mike Miller, Senior Director at Berkadia’s San Antonio office.
Featuring 10 floorplans ranging from 669 to 1,370 square feet in size, units at the Crescent at Alamo Heights include walk in closets, ceiling fans, washer/dryer connections and patios/balconies. Amenities include gated-access, assigned parking, a pet-friendly policy, swimming pool, state-of-the-art fitness center, laundry room, playground, picnic area with barbecue, and a business center.
New York-based AMAC (Arbor Multifamily Acquisition Company) is a full-service real estate firm co- founded in 2012 by Maurice Kaufman. Since its inception, the company has acquired more than 7,000 multifamily units nationwide.
About EBEX Holdings
California-based EBEX Holdings is a privately held real estate investment firm focused on multifamily residential assets across the United States. The firm and its affiliates have acquired over 3,000 units in eight states. The portfolio comprises a range of property types and asset classes.
About United Apartment Group
Formed in San Antonio in 1995, United Apartment Group has grown to be one of the largest multifamily property managers in the U.S. with over 34,000 units managed as of 2017. The firm specializes in tailoring services to different market segments found in conventional residential properties, affordable living communities, senior communities and student communities.