Cushman & Wakefield is marketing three Texas multifamily properties. Cedar Springs Crossroads and The Park Gates of City Place are in urban infill sites within two miles of downtown Dallas while The Heritage is a Class A luxury community in San Antonio. Both Dallas properties are owned by a subsidiary of Philadelphia-based Berwind Property Group. The Heritage in San Antonio was built in 2005 and is owned by Embrey Development Company.
Cedar Springs Crossroads is a 99-unit complex built in 1983. The property is a potential condominium conversion opportunity. Don Ostroff, who is handling the sale with Will Balthrope, said a condominium project and a condominium conversion project are underway in the immediate neighborhood. Cedar Springs is 100% occupied, with units that are designed as town homes with 1.5 baths or 2.5 baths. The average unit size 980 square feet.
Park Gates is a 228-unit Class B apartment complex built in 1988. The property is also a potential condominium conversion bracketed by new development. Ostroff said construction is underway on three new townhouses directly across the street, and the property is a block away from First Worthing’s recently completed Cityville at Live Oak. The property, comprised of one to three bedroom units, is 96-97% occupied. The average unit size is 721 square feet.
Given the new development, Ostroff said Cushman & Wakefield is unwilling to put asking prices on the properties. “We’re not going to try to outguess the market,” he said. Bids are due March 29. The trailing NOI for Crossroads is $340,000 and the trailing NOI for Park Gates is $725,000. Rents are about $1 per square foot.
The Heritage is near Interstate 35 and Loop 1604, about 16 miles northeast of downtown San Antonio. It is directly across from The Forum, a one million-square-foot retail center. The property is being marketed for $27.4 and is currently 74% leased. Embrey is a San-Antonio based developer.