A California-based real estate company acquired a luxury apartment community in San Antonio along Loop 1604, marking the eighth property it owns in Texas.
As part of the deal, Passco Cos. — headquartered in Irvine, California — will rename the 338-unit Lenox Overlook at 17715 Overlook Loop to TruNorth at Bulverde.
The apartment complex includes one-, two- and three-bedroom apartments and townhomes averaging 861 square feet in size, with amenities such as a pool, indoor and outdoor fitness centers, a business center and a clubhouse. It is just north of H-E-B’s 117,000-square-foot Bulverde store, which opened in 2017.
Passco bought the property from Austin-based development group Oden Hughes LLC, which completed the property last year.
“TruNorth at Bulverde leased up in just 10 months, which speaks to the exceptional strength of the asset’s amenities and location,” Gary Goodman, senior vice president of acquisitions for Passco, said in a news release.
The 14-plus-acre property was last assessed at $43.2 million, according to the Bexar County Appraisal District.
Patton Jones of Newmark Group Inc. represented Passco, while Caleb Marten of KeyBank Real Estate Capital arranged financing.
“Lenox Overlook presented a unique opportunity to acquire a new, luxury community in an excellent suburban location surrounded by some of the most affluent demographics in the city,” Jones said in the release. “The property’s excellent build quality and its positioning near Class A retail and entertainment will ensure Lenox Overlook as a mainstay in the north central San Antonio submarket.”
Passco also owns Tribute at the Rim in San Antonio and Lakeview Villas in New Braunfels.
Originally published by San Antonio Business Journal