Koontz McCombs Sells 484-Unit Palomino to CA Investment Group
On behalf of an investment group, Francis Property Management Inc. has taken title to the 484-unit Palomino in northwest San Antonio from Koontz McCombs Development.
Will Balthrope, executive director of Institutional Property Advisors, director Scott Lamontagne and associate Drew Kile represented the locally based seller. The deal is being touted as the largest, in terms of units, to date this year in San Antonio.
"We are seeing cap rates for newly constructed, luxury apartment product compress, a trend that should continue through year’s end, even as new development ramps up throughout the region," Balthrope said.
The Beverly Hills, Calif.-based buyer's new deed is 14111 Vance Jackson Rd., a 19.1-acre tract close to the University of Texas at San Antonio, South Texas Medical Center and global headquarters campuses of USAA and Valero.
The Palomino's first phase came on line in 2009 and the second one in 2012. Units average 908 square feet. The 95 percent-leased complex sits just sought of the Interstate 10 and Loop 1604 junction, a retail and entertainment destination containing the 1.3 million-square-foot Shops at La Cantera, 1.5 million-square-foot The Rim, Westin La Cantera Resort and Six Flags Fiesta Texas.