280 unit value add repositioning.
JLL Capital Market experts announced the successful sale of the Cordoba Apartment Homes, on behalf of Leuven Group, today. GVA Pro, LLC acquired the 260-unit, 7.891 acre apartment community located at 7810 Callaghan Road in San Antonio.
JLL Capital Markets Senior Vice President Moses Siller and Zar Haro represented the seller in the transaction.
“Strong economic drivers and historic job gains are generating huge investor interest for multifamily product in San Antonio and other markets across the state,” said Siller. “Cordoba offers an outstanding value-add opportunity for new ownership thanks to its great accessibility, projected rental rate growth and nearby by retail. This was a real win-win situation for the everyone involved.”
Cordoba Apartment Homes provides convenient access to I-10 and I-410, offering short commutes to several of the market’s top employers, including Methodist Healthcare, Baptist Health, and Christus Santa Rosa.
An entity associated with Georgetown-based GVA Real Estate Group bought the 260-unit Cordoba Apartment Homes near the medical center.
While the purchase price was not disclosed, the property was last assessed by the Bexar County Appraisal District for $12.9 million. The property at 7810 Callaghan Road was sold by Leuven Group, another Austin-based real estate company. Built in 1979, the apartment complex offers units which average 575 square feet and average $689 in monthly rent, according to Austin Investment Interests. Leuven Group bought the property in 2016. That company also recently sold another San Antonio apartment property, the 150-unit Villa de Oro, to Austin-based Achieve Investment Group.
