(SAN ANTONIO, Texas) — NEWS: Lawrence, New York based Jacobs Real Estate Advisors is pleased to announce the sale of Navona @ Live Oak Apartments, a 104-unit Class B multifamily community located in San Antonio, Texas. Originally developed and operated as a Hawthorne Extended Stay Hotel, the property was acquired by Jacobs in 2013 and underwent a repositioning project to convert the property to multifamily use.
“Our extensive research into the local hospitality and lodging markets made it very clear where the opportunity was. This property offered far more value to our investors and partners as multifamily apartments, rather than a hotel,” says Sholom Jacobs, CEO and founder of Jacobs Real Estate Advisors.
San Antonio based Implicity Management was ultimately hired to navigate the process and manage the day-to-day operations, and were very successful in the conversion.
As Jody Marquez puts it “It was one of the most enjoyable experiences I have personally had in the rebrand of Navona, from a short-term hotel to an apartment community. Working with Jacobs Real Estate made our success as the visions for the ultimate transformation were shared.”
Rebranded Navona @ Live Oak, the multifamily property offers (68) 1-bedroo m floor plans and (36) 2-bedroom floor plans with black appliances, granite countertops and walk-in closets. Community amenities include a swimming pool, fitness center and business center.
J. Michael Watson, Managing Partner for Independence Commercial Advisors, represented Jacobs in the marketing and sale of the asset. Watson also procured the buyer – Austin, Texas based Texas Sagitarius LLC.
Learn more about Jacobs Real Estate Advisors at: http://jacobsrea.com/
Caption: Navona at Live Oaks is a 104 Unit Multi-Family Apartment Complex.
Related link: http://jacobsrea.com/
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