SAN ANTONIO – Sterling Real Estate Holdings, a West Coast investment group seeking Class B and C apartments in Southwestern markets, has acquired the 145-unit Chestnut Park Apartments in San Antonio.
The project, built in 1979, is located in the Castle Hills area, which is a good location, says Sterling principal Michael Barker.
Sterling is a joint venture of Barker Pacific Group and Pacific Real Estate Partners. Sterling is focused on value-add multifamily in Southwestern markets including San Antonio, Austin, Phoenix, Las Vegas and Reno.
The Chestnut Park project consists of 13 two-story buildings. The garden-style apartment community offers studios as well as one- and two-bedroom units. The existing on-site amenities include picnic areas, a swimming pool, laundry facilities, a central garden courtyard and a tennis court. Sterling plans to invest over $1 million into the property to improve and add new amenities, such as a fitness center and dog park, and to renovate the interior units.