Hines sold The Retreat at The Rim in San Antonio, Texas, to Berkshire Residential Investments. The multi-family property is located in The Rim, the largest retail mall in Texas.
“Based on the performance of The Retreat at The Rim and local market conditions, Hines and our investors have determined that this is the best time to capitalize on our investment,” said Chris O’Neill, Managing Director by Hines. Multi-dwelling news.
The 384-unit, four-story Retreat at The Rim, located at 5650 Worth Pkwy., Offers one, two and three bedroom units, averaging 994 square feet. Animal-friendly community unit amenities include above-standard ceiling heights, designer-inspired finishes, modern kitchen cabinets and lighting, stainless steel kitchen appliances, quartz countertops , kitchen islands and bars in some apartments, wood flooring, smart home features, keyless entry doors, programmable thermostat, in-home washer and dryer, garden tubs and freestanding showers and decks and private balconies in some apartments.
Amenities for The Retreat at The Rim residents include direct walking paths to The Rim retail, multi-functional residents lounge with media, multiple meeting areas, private meeting rooms, Wi-Fi lounge Fi, a demonstration kitchen, a swimming pool inspired by the swimming pool complex, a large terrace with cabanas, an outdoor kitchen with grills, a fully equipped 24/7 fitness center, a weight training and cardio zone. training, a private spin room or yoga area, two animal parks and an animal spa and dog wash station, and 24/7 emergency maintenance. Private garages and assigned carports are available.
Last week, Hines announced it was entering the rental construction business with its first project in Surprise, Arizona. The company will develop Enclave Point, a community of 160 units.
San Antonio Multifamily
San Antonio has 45 multi-family properties, totaling 9,296 units, within 3 miles of the city and eight more under construction that will add 1,725 units to inventory, according to Yardi Matrix. The developers have planned eight additional properties with 1,962 units and have 35 additional properties with 7,477 units under construction. San Antonio has seen 11 multi-family properties trade in the past five years, recording an average selling price of $ 172,810 per unit.
The Retreat at The Rim was built in 2020 and was Hines’ first multi-family project in San Antonio and its eighth in Texas. The property was designed by Meeks + Partners.
Hines was represented by Ryan Epstein, Matt Pohl, Forest Bass and Spencer Roy with Walker and Dunlop.