BALTIMORE--(BUSINESS WIRE)--Alex. Brown Realty, Inc. (ABR) and their joint venture partner, Continental Realty Group, through its subsidiary Continental Realty Assets, Ltd. (CRA), are pleased to announce the acquisition of Club at Stone Oak Apartments, a 250-unit apartment community in San Antonio, Texas. ABR Chesapeake Fund VI, a value-add real estate fund sponsored by ABR, invested $7.3 million in the joint venture.
Built in 2005, the community includes a mix of one-, two- and three-bedroom units with 9’ ceilings and private patios and balconies. Amenities include a clubhouse with billiards table, state-of-the-art fitness center, resort-style pool, business center, outdoor kitchen, and leasing center. The gated community also offers ample parking with detached garages, carports, and a car care center. The joint venture plans a strategic renovation program for the unit interiors and targeted enhancements to the common areas and amenities.
“Even given the economic challenges and uncertainties of today, we are believers in the San Antonio market due to its diversified and expanding employment base coupled with the relative affordability and quality of life it has to offer,” said Robert Ireland, CRA’s Managing Director of Investments. “The Club at Stone Oak is a quality asset located within one of San Antonio’s premier submarkets and fits within our investment strategy of providing a quality product at an affordable price to our residents,” added Ireland.
“We were pleased when Continental first brought us this off-market opportunity and are excited to be partnering with them,” stated Tom Burton, ABR’s Senior Managing Director and CIO. “Their extensive experience within the multifamily sector should bode well for the asset and provide a positive result for our investors.” Club at Stone Oak represents the first transaction between ABR and CRA.
Alex. Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Continental Realty Assets, Ltd. ("CRA"), is a subsidiary of Continental Realty Group, a real estate investment firm dedicated to the creation of value in multifamily real estate. For more information about Continental Realty Group, please visit www.continentalrealtygroup.com.
