Park at West Ave was constructed in 2014 and consists of 360 residential units with 82 two-storey townhomes and 278 luxury apartments averaging 898 square feet. The 29 acre gated community is located near the San Antonio sub-markets of Hill Country Village and Church Hill Estates and features a luxurious clubhouse, a 24-hour state of the art health club, an urban oasis pool, an indoor and outdoor aqua lounge, a volleyball court, expansive courtyards and barbeque areas with grills for outdoor entertaining.

Pure Multi-Family funded the purchase price of Park at West Ave with proceeds from Pure Multi-Family’s recently announced property dispositions, working capital, and new first mortgage financing, in the amount of US$36,500,000, which bears an interest rate of 4.02% per annum for a term of 15 years. The purchase price represents a stabilized going-in capitalization rate of 5.75%.
 
  • Purchase Price (US): $54,250,000
  • Mortgage (US): $36,500,000
  • Interest Rate (fixed): 4.02%
  • Debt Maturity: 2030
  • Rentable Area (sq ft): 323,255
  • Site Area (acres): 29.6
  • Number of Units: 360