SAN ANTONIO, TX (September 21, 2016) – Electra America, a private owner-operator focused on multifamily investments, along with its partner American Landmark Apartments, have acquired Vantage at Alamo Ranch, a 288-unit apartment complex in San Antonio, Texas. The newly built property was acquired from Vantage Communities and will be rebranded as Verandas at Alamo.
With this acquisition, American Landmark Apartments’ Texas portfolio now includes over 7,000 apartment units in cities including San Antonio, Houston and Dallas. It is the company’s 29th multifamily property acquisition in the past 12 months.
"The Alamo acquisition reaffirms our commitment to San Antonio as a growing and vibrant city,” said Joe Lubeck, CEO of American Landmark Apartments and a partner in American Landmark Apartments. “Soon to be renamed Verandas at Alamo, we will upgrade amenities and services and look forward to being part of the Alamo community.”
San Antonio was named one of “America’s Next Boom Towns” by Forbes magazine in 2016, based on above-average projections for population, employment rates and income growth over the next 10 years.
Constructed in 2015, Vantage at Alamo is located at 6831 Alamo Parkway and features one-, two- and three-bedroom units in three-story buildings totaling 240,916 square feet. The community offers swimming pools, state-of-the-art fitness center, on-site maintenance, gated access, business center, picnic area, pet park and high speed Internet access. The property is currently 87% occupied.
It is conveniently located next to shops, restaurants, freeways, and entertainment, such as SeaWorld San Antonio.
The bedroom floor plans offer an array of highly desirable amenities, including 9-foot ceilings, air conditioning, balcony or patio, plush carpeting, hardwood flooring, walk-in closets, among others. Residence interiors will be upgraded with granite countertops, kitchen faucets, curved shower rods, and 2-inch faux wood blinds.
This acquisition brings the American Landmark Apartments current portfolio to 63 properties totaling approximately 20,000 units valued at $2 billion.