Chicago, IL (May 14, 2021) – Pearlmark, in partnership with Old Three Hundred Capital LLC (“OTH”), closed on the acquisition of two adjacent, garden-style apartment complexes (collectively, “the Property”) totaling 560 units in San Antonio, Texas. Located near downtown San Antonio, the Property benefits from proximity to multiple large employment centers as well as San Antonio International Airport. San Antonio’s resilient economy—bolstered by healthcare, education, and military spending—has remained strong during the pandemic.
Pearlmark and OTH plan to renovate over half of the apartments at the Property, including enhancements to unit interiors and exteriors, as well as upgrades to resident amenities. OTH will serve as the local operating partner, utilizing strong local ties and experience in the community to drive value for the Property.
“We are excited to partner with OTH and hope to grow our partnership with future value-add multifamily acquisitions in Texas,” said Keith Page, Managing Director and lead executive on the transaction for Pearlmark.
William Gottfried, Co-Managing Partner at OTH, added, “We believe there is tremendous potential to improve these communities for residents while delivering robust returns for our investors. This transaction further solidifies our commitment to the San Antonio market.”
Stephen Quazzo, CEO for Pearlmark, also commented, “The acquisition of Park West and Parliament Bend adds to our growing portfolio of US multifamily assets, which has proven to be one of the most resilient property sectors in commercial real estate.”
Old Three Hundred Capital
OTH is an Austin-based real estate investment firm that was founded in 2014. Since inception, the firm has acquired more than 80 multifamily properties (2,022 units) and has realized 48 of those investments. As of today, OTH has approximately $275 million of assets under management. OTH utilizes various vertically integrated platforms, including in-house construction management, maintenance, and property management teams. For more information, please visit http://othcapital.com.