Covenant Capital Group has sold Park at Rialto, a 274-unit, garden-style multi-housing community in the northwest part of San Antonio.
JLL Capital Markets worked on behalf of Covenant Capital Group, the new owner, to secure the seven-year, fixed-rate loan through Freddie Mac. The financial terms of the sale were not disclosed.
Developed by GenCap Group, Park at Rialto was constructed in 2018 and offers an urban lifestyle due to its proximity to major employment hubs, retail, entertainment and recreational amenities. The community, with an average unit size of 882 square feet, is situated on 9.3 acres and is National Green Building Standard certified.
“The central Texas markets like San Antonio and Austin are very attractive investment markets right now, and we are seeing growing demand for not only new apartments but investors willing to invest in this growth,” says Gary Williams, CFO of GenCap Partners. “That is why we have three new starts in these gro
