Embrey acquires Retreat at Chelsea Park in Selma, TX
Embrey’s purchase of the high-quality 280-unit property built in 2006 closed on October 27 in a sale negotiated by Patton jones from Newmark. Embrey will benefit from the privileged location of the community along the I-35 corridor in the northeast sector of that of San Antonio metropolis which has experienced strong rental demand in recent years. Nationally recognized and award winning Embrey Management Services will support community management.
Retreat at Chelsea Park is the first closing of the acquisition group recently introduced by Embrey led by Alex sampson, vice-president of acquisitions. Newly formed group aggressively seeks multi-family sourcing opportunities in high-growth countries Texas and Sunbelt Markets.
“The Retreat at Chelsea Park community fits perfectly with Embrey’s goal of creating places people want to be,” said Sampson. “The location is exceptional, just off I-35 with easy access to San Antonio, New Brunswick and Austin, in the middle of a rapidly changing area that has seen its population more than tenfold since 2000. Renters are drawn to Retreat at Chelsea Park for its large floor plans, upscale amenities and quiet amenities. The additional attention to residents that will be provided by Embrey Management Services will position this asset as an unrivaled asset in its submarket. “
Retreat at Chelsea Park exemplifies Embrey’s value-added investment approach. Approximately two-thirds of the one, two and three bedroom units remain in classic or obsolete conditions since the property was built in 2006. Embrey will modernize the interiors of the units and position the property as a quality and affordable rental option. in a thriving neighborhood along I-35 growth lane, according to Sampson.
Retreat at Chelsea Park’s emphasis on the living experience will be most evident in its lifestyle amenities. Outdoors, this includes a welcoming clubhouse, swimming pool, recreation center, dog park, and covered outdoor grilling areas. Residents have access to a fitness center, café-bar and resident lounge, as well as covered and above-ground parking with a gated entrance.
Upon completion of Embrey’s renovation program, apartment interiors will feature high-end kitchens including granite countertops, undermount kitchen sinks with swan-head faucets, updated cabinetry with handles in nickel, updated appliances, wood flooring, private patio or balconies, expansive walk-in closets, and 9-foot ceilings.
“Embrey is proud to be a member of Selma community and bring its all-star management team to Retreat at Chelsea Park, ”said Sampson.
About Embrey Partners
San AntonioEmbrey Partners, LLC is a diversified real estate investment company that owns, develops, constructs, acquires and manages multi-family residential communities and commercial assets in targeted markets across United States. Since 1974, Embrey has developed over 44,000 apartments and over 6 million square feet of commercial properties. Embrey is a leading developer in the multi-family sector, with more than 6,000 units under construction or in development. www.embreydc.com