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SAN ANTONIO – Pensam Capital, LLC has sold The Landings at Brooks City-Base, a 300-unit, Class A apartment complex located at 7803 New Braunfels Avenue in San Antonio, Texas. Brooks Apartments Associates, Ltd. purchased the asset for an undisclosed price.
The apartment complex, constructed in 2012, was 97% occupied at the time of the sale. Located within the Southeast San Antonio submarket, the property is proximate to several major retail centers and employers, including the City Base Landing retail development, Toyota and Baptist Health System.
“The outstanding performance of The Landings at Brooks City-Base shows the depth of the renaissance taking place in south San Antonio,” said Ryan Epstein of CBRE. “The economic impact and proximity of the Eagle Ford Shale has driven a good amount of investment to the south side of the city as the void for Class A housing is filled.”
The Eagle Shale is a petroleum-rich geologic formation that runs across South Texas. The northernmost point of the Eagle Ford is about 60 miles south of San Antonio. Housing is exceptionally tight in the oilfield communities and hotels remain 100 percent occupied for most of the year.