The new owner plans to invest in a capital improvements plan and upgrade the property.
29th Street Capital has acquired Live Oak Place, a 308-unit asset in San Antonio. According to Yardi Matrix, Artesia Real Estate purchased the property in 2018, from Merrill Management. The sale was subject to a $15.9 million loan, provided by Arbor Realty Trust.
Built in 1981, the community comprises studio, one- and two-bedroom units. Common-area amenities include a clubhouse, playground and three swimming pools. The asset has 431 parking spaces. The new owner plans to invest in a capital improvements plan and upgrade the property.
Located at 13012 Oak Terrace Drive on 8 acres, the 22-building property is just off Interstate 35. The surrounding area has several retail and dining options, including The Forum at Olympia Parkway, which is 2 miles from the asset. Live Oak is approximately 14 miles northeast of downtown San Antonio.
Over the past year, 29th Street Capital has acquired 16 multifamily assets, totaling 3,356 units, throughout the U.S. This month, the firm purchased a 350-unit community in the Houston suburb of Katy, Texas.