BUSINESS JOURNAL SAN ANTONIO –
The 111-unit La Fiesta Apartments were bought by Bay Area-based investment firm Sterling Real Estate Holdings, a joint venture between Barker Pacific Group (BPG) and Pacific Real Estate Partners.
While the price was not disclosed, the 4.7-acre property was last valued by the Bexar County Appraisal District at $5.85 million. La Fiesta is Sterling’s second San Antonio-area acquisition. In 2016, it bought the Chestnut Park Apartments in Castle Hills. The firm focuses on investing in Class B and Class C multifamily property throughout the Southwest.
“We’re excited to continue pursuing the San Antonio market,” said Michael Barker, principal at Sterling Real Estate Holdings and BPG’s CEO, in a news release. “La Fiesta is in a great location, and we see an opportunity to maximize its value by repositioning and improving upon the property.”
Built in 1970, 68 of the complex’s 111 units have two bedrooms. The existing on-site amenities include picnic areas, a swimming pool, laundry facilities and a central garden courtyard. Sterling plans to invest in the property by improving landscaping and other common areas, as well as renovating apartment interiors.