San Francisco real estate investment firm Hamilton Zanze bought a $15.4 million apartment complex on the Northeast Side as it continues to expand its footprint in San Antonio.
The firm bought the 5.5-acre, 150-unit Niche apartment complex at the corner of Harry Wurzbach Road and Lynn Batts Lane on Aug. 31, county property records show. It has purchased three other apartment complexes in San Antonio since entering the market last year.
The firm also is under contract to buy the Meridian Apartments, a 4.8-acre complex next to the Quarry Golf Club, said David Nelson, the firm’s managing director for acquisitions. The complex is currently owned by Chicago-based Cornerstone Real Estate Advisors and was assessed at $33.1 million this year, according to the Bexar Appraisal District.
Hamilton Zanze, which primarily invests in the West and Southwest United States, was attracted to San Antonio by its diverse economy that seems resistant to economic downturns, said Nelson.
“We love the market in terms of USAA being there,” as well as the presence of the medical district and the oil and gas industry, Nelson said. “We’re looking at it for a long-term market for us.”
Read more at the San Antonio Express-News