SAN ANTONIO, TX – Casoro Group, a leading multi-family real estate investment company based in Austin, Texas, announced the sale of three apartment buildings for a total of 692 units. The sales represent the Casoro Group's latest investment strategy to divert capital into real estate with a focus on the knowledge worker market.
Two of the complexes are in the Houston area and include the 252-unit Cypress Ridge Apartments at 2331 Bmmelwood Drive and the 236-unit Highland Cross Apartments at 411 Highland Cross Drive. Both properties were originally built in 1980 and have been significantly modernized by the Casoro Group. Strategic Realty Holdings, a California-based investment firm, acquired the garden-style Class B apartment property from Casoro Group for $ 34.3 million. Cypress Ridge has one- and two-bedroom floor plans ranging in size from 600 to 955 square feet, and Highland Cross has one- and two-bedroom options, but with slightly larger sizes from 685 to 1,140 square feet. Both properties have similar amenity packages that include community pools, fitness centers, clubhouses, and on-site laundry facilities.
The third property sale included the 204-unit 5Fifty Apartments, a class B garden-style apartment building in the San Antonio area. Located at Heimer Road 550, these apartments have one- and two-bedroom floor plans ranging from 575 to 885 square feet. Originally built in 1984, the 5Fifty also received significant upgrades from the Casoro Group before being sold to NorthMarq for $ 22.75 million. Renovation work on all three projects included upgrades to residential units, improvements to pools and park facilities, and the addition of dog parks.
"Our investment in these properties was guided by our commitment to building Better Homes for Better Lives," said Yuen Yung, CEO of Casoro Group. “We strive to create homes and communities that residents are proud to live in, and we are grateful to all of our partners for helping us deliver such powerful assets and exceptional service to our residents, team members and investors. "
Source: Casoro Group