Pearlmark, in partnership with OTH Capital, closed on the acquisition of 1800 Broadway, a 2013-vintage, 228-unit, midrise apartment community in San Antonio, Texas. The property is located in the Lower Broadway corridor and is adjacent to the historic Pearl District of San Antonio.
This acquisition is the second joint venture between OTH Capital and Pearlmark in San Antonio, but the first acquisition with OTH Capital and Pearlmark Equity Partners II (PEP II), Pearlmark’s value-add equity fund focused on middle market multifamily and industrial investments across the U.S. IPA arranged the transaction and Prime Finance provided the acquisition financing.
The property consists of two, four-story buildings with a centrally attached 354-space parking garage and 1,517 square feet of retail space, which is 100 percent leased to two tenants. Community amenities include a resort-style pool, 24-hour gym, internet café, TV lounge, clubhouse, business center, dog park, and outd
