Sale and financing secured for San Antonio apartment complex

JLL Capital Markets closed the sale of and arranged acquisition financing for the Park at Rialto, a newly constructed, 274-unit, garden-style multi-housing community built by GenCap Partners, Inc. in the northwest part of San Antonio, Texas.

JLL worked on behalf of Covenant Capital Group, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo lender. Covenant Capital Group purchased the asset from GenCap Partners, Inc., in a JLL-brokered transaction.

Park at Rialto was constructed in 2018 and offers an urban lifestyle due to its proximity to major employment hubs, retail, entertainment and recreational amenities. The community, with an average unit size of 882 square feet, is situated on 9.3 acres and is National Green Building Standard certified.

“The central Texas markets like San Antonio and Austin are very attractive investment markets right now, and we are seeing growing demand for not only new apartments but investors willing to invest in this growth,” said Gary Williams, CFO of GenCap Partners, Inc. “That is why we have three new starts in these growing suburban areas.”

The JLL Capital Markets team that led the financing efforts on behalf of the borrower was led by senior director C.W. Sheehan and analysts Alastair Barnes and Scott Dickey. The JLL Capital Markets team representing the seller was led by senior managing director Sean Sorrell. 

“Park at Rialto is a great acquisition for Covenant Capital Group, as they expand their portfolio in Texas,” Sheehan said. “The property offers excellent access to major employers and will benefit from the continued growth between Boerne and San Antonio.”