SAN ANTONIO, TEXAS – June 14, 2021 – A fund sponsored by CBRE Global Investors has acquired a 596-unit garden-style residential community in San Antonio, Texas. The property, known as Preston Peak, is currently 93% leased and sits on a low-density site in Northwest San Antonio, a desirable submarket that is home to the largest employment hub in the area.
Preston Peak offers a mix of one- and two-bedroom apartments. Unit features include stainless-steel appliances, walk-in closets, private outdoor patios, and lofted ceilings and fireplaces in select units. Residents have access to an on-site amenity collection that features a clubhouse, a fitness center, a tennis court, a sand volleyball court, two pools and sun decks, a dog park, a BBQ grill and a picnic area, a jogging trail, a putting green and package lockers.
“At Preston Peak, our team plans to apply our knowledge and expertise from operating in San Antonio to make changes that will effectively bolster leasing at the property and take advantage of growing demand for housing in this area,” said Tracey Zhou, Director for CBRE Global Investors. “In addition to implementing our firm’s proprietary A&B tenant engagement program, we are planning a capital program to address curb appeal, amenities and unit upgrades.”
Located at 4114 Medical Drive, Preston Peak is within a 10-minute commute to the 59,000-employee South Texas Medical Center, a significant collection of healthcare institutions that service the South Texas region. Other nearby employment institutions include USAA (16,300 employees) and the University of Texas at San Antonio (10,000 employees and 34,000 students). The property is also convenient to a variety of shopping, entertainment and food and beverage establishments.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $124.5 billion in assets under management* as of March 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.