Outside the Region: AMAC and EBEX Holdings complete 306-unit deal with United Apartment Group

San Antonio, TX A joint venture between AMAC Holdings and EBEX Holdings has teamed up with property management firm United Apartment Group to acquire Crescent at Alamo Heights, a 306-unit multifamily apartment community.

“Crescent at Alamo Heights enjoys a prime location within one of the most desirable submarkets in San Antonio,” said Maurice Kaufman, a founding principal at AMAC Holdings. “The property has not been renovated in over 10 years and presents a tremendous value-add opportunity through unit upgrades and an operational overhaul.” 

Built in 1993, Crescent at Alamo Heights sits on 14.6 landscaped acres and features a unit mix of one, two and three-bedroom units ranging from 669 to 1,370 s/f in size. The units at Crescent at Alamo Heights include 9-ft. ceiling heights, walk in closets, washer/dryer connections and patios/balconies. Amenities include gated-access, assigned parking, a pet-friendly policy, swimming pool, fitness center, laundry room, playground, picnic area with barbecues, and a business center. The new owners have plans for an extensive renovation and rebranding strategy that will include both interior and exterior improvements, as well as amenity upgrades.

“This was a very complex transaction with a few months of negotiations with the sellers, a large tenants in common group,” said Evan Goldenberg, principal at EBEX Holdings. “Ultimately, the effort was worth it, as we were able to close at a price-per-unit of $121,000. We have only owned Crescent at Alamo Heights for a month, but we are already hearing from tenants who are extremely excited about our rehabilitation plans, as the community has seen its share of deferred maintenance from previous owners.”

Joshua Ross, vice president investments at Marcus & Millichap represented AMAC Holdings and EBEX Holdings. The sellers were represented by Ryan Epstein, senior managing director and Mike Miller, senior director of Berkadia.

United Apartment Group, a San Antonio-based property management firm led by Principals Carrie Girgus and Tim Settles, will handle daily operations at the property.