A “townhome-style” apartment complex in North Central San Antonio has changed hands.
Philadelphia-based real estate investment trust Resource REIT Inc. sold the 316-unit Maxwell Townhomes apartments at 11146 Vance Jackson Road to Orion Real Estate Partners LLC, an investment group with offices in Austin and Los Angeles, according to a news release from Newmark Group Inc.
Patton Jones and Matt Michelson of Newmark represented Resource in the transaction. Financial details were not disclosed.
“Maxwell Townhomes drew immense competitive investor interest as we continue to see capital flow into the San Antonio multifamily market,” Jones said in a prepared statement. “Given the property’s compelling value-add opportunity and limited multifamily supply in the immediate submarket, this asset is uniquely positioned to capture superior returns in the future.”
The 23-acre property, originally built in 1982, includes one-, two- and three-bedroom units with an average size of 1,016 square feet. Amenities include two swimming pools and a fitness center. Resource has renovated the exterior and common areas over the past several years.
Orion formed as a joint venture in 2017 to acquire $400 million of real estate, according to its website.
In January, Resource announced that it would be acquired by Blackstone Real Estate Income Trust Inc., which is externally managed by a subsidiary of investment giant Blackstone Inc. (NYSE: BX). The deal was valued at $3.7 billion in cash, including the assumption of Resource’s debt.
The transaction is expected to close in second quarter 2022.
At the time of the Blackstone announcement, Resource’s portfolio included 42 apartment communities totaling more than 12,600 units in 13 states, including Arizona, Colorado, Florida, Georgia and Texas.
Orion Real Estate Partners is a private real estate investment firm with offices in Los Angeles, Denver, and Austin.
Orion targets value-add multifamily assets in select Western US markets with strong demographics and job growth. Utilizing proven institutional processes to source and manage investments, we identify assets with capital and operational repositioning opportunities to provide attractive returns for our investors.