February 14, 2019
BlueGate Arranges the Sale of Avesta Summit
BlueGate Partners and Berkadia’s Multifamily Investment Team as exclusive advisors and brokers, are pleased to announce the sale of Avesta Summit, a 284-unit apartment community built in 1984 with tremendous value-add potential, strategically-located in the fast-growing North Central San Antonio corridor and only a short distance to Wurzbach Parkway.
The property is situated centrally to many of the major highways with in San Antonio including Interstate-10, Loop-410, and Highway-281. This location provides residents with an easy commute to some of the largest employers in San Antonio as well as the many medical facilities located within close proximity of the property. Additionally, several premier retail destinations are located within minutes of Avesta Summit, including North Star Mall and The Quarry. In addition to its premier location, current ownership has proven out a value-add program and is generating strong rent premiums. A new owner not only will benefit from the capital work already put in to the property but also has the opportunity to upgrade the remaining units to the highest level of finish and fully realize the rent potential of this asset. With its excellent location and proven value-add potential, Avesta Summit offers an investor the opportunity for long–term stability, future rent growth and value appreciation.