Stillwater Capital has sold Augusta Flats, a 260-unit luxury community in San Antonio. A joint venture between Strategic Properties of North America and Benefit Street Partners Multifamily Trust acquired the property, marking the former’s first acquisition in the metro.
Benefit Street Partners Debt Funds provided $47.4 million in financing for the acquisition, according to Yardi Matrix data.
Completed this year, Augusta Flats stands five stories tall and offers a mix of studio, one- and two-bedroom apartments, ranging from 609 to 1,190 square feet with stainless steel appliances, quartz countertops and custom cabinetry. Common-area amenities include a pool, cabanas and grilling stations, fitness center, resident lounge, rooftop and golf simulator room.
Located at 819 Augusta St., the property is within a mile of downtown San Antonio, Pearl and the Museum Reach District, as well as 2 miles from the King William Historic District, offering residents numerous entertainment, retail and dining options. The community is close to interstates 10 and 35, as well as Interstate 10 and Highway 281.
Vice Chairman Patton Jones and Managing Director Matt Michelson of Newmark brokered the transaction on behalf of the seller.
Augusta Flats represented an opportunity for investment within one of the most desirable submarkets in San Antonio, allowing the buyer to acquire a community in a 24-hour lifestyle hub, mentioned Jones, in prepared remarks.
SPNA’s portfolio is now holding roughly 2,700 units across the country, more than half of its investments being in Chicago, including the $103 million purchase of Cityfront Place, a 39-story tower, in a joint venture with Integrated Capital Management.