Walker & Dunlop, Inc. announced today that it brokered the sale and arranged acquisition financing for NOAH Apartments, a 224-unit multifamily property in San Antonio, Texas.
Walker & Dunlop’s Ryan Epstein, Forrest Bass, and Matt Pohl represented the buyer and the seller in the disposition. Financing experts Tom Toland and Matt Newton arranged attractive acquisition bridge financing on behalf of the buyer, Pegasus Real Estate, and their equity partners, Thackeray Partners. The financing features a five-year term, full-term interest only payments, an attractive low rate, and a fully funded value-add plan for the borrower to make property improvements.
"NOAH is a well-located, institutional quality asset in arguably the best suburban neighborhood in San Antonio, Alamo Heights,” Jonas Levy, Managing Partner of Pegasus, stated. “The attractive going-in yield at the property coupled with favorable financing and rent growth trends made the acquisition particularly desirable for Pegasus and our investors. The property fits well with our strategy of identifying unique, high-quality assets in desirable locations."
Pegasus’ Managing Partner, Justin Laub, added, "Prior ownership proved out the demand for high quality updated interior renovations and we think the property is well-positioned for continued further growth. The acquisition marks Pegasus’ third property in San Antonio and its tenth acquisition in Texas. We are thrilled to add another high-quality property to our portfolio and further expand our presence in the San Antonio market. Once again, Walker & Dunlop did an exceptional job making the acquisition and debt financing a smooth process."
“This transaction demonstrates the increasing demand for multifamily assets in the rapidly growing San Antonio market. The area’s fundamentals are incredibly strong, and Pegasus will continue to add value to the property via interior and exterior renovations,” said Walker & Dunlop’s Tom Toland, Senior Director of Multifamily Finance. “Walker & Dunlop’s ability to work closely with both the buyer and seller allowed for a streamlined transaction.”
NOAH Apartments is a garden-style apartment community built in 1994. Located in the heart of the desirable Alamo Heights neighborhood, the property is situated near excellent schools, retail, and nearby attractions, such as the San Antonio Zoo. Of the property’s 224 units, 171 are updated with new fixtures and finishes. Community amenities include a fully equipped fitness room, stunning hotel-inspired lobby with Starbucks Barista machine, resort-style pool with outdoor kitchen, reserved garages and covered parking, and an outdoor pet park.
Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 2020. Visit our website for information about multifamily properties available for sale via Walker & Dunlop's property sales platform.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune’s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.