Chicago company buys multi-family development near 1604 and 281
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A Chicago-based real estate company recently purchased a multi-family development at Loop 1604 and US 281.
Sherman Residential purchased the Standard at Legacy complex at 1938 E. Sonterra Boulevard, which includes apartments and townhouses, last week from Embrey Partners LLC.
It’s unclear how much the company paid for the 7.5-acre property, which the Bexar Appraisal District values ââat $ 52 million. San Antonio-based Embrey built the resort in 2019 as part of Santikos Entertainment’s Legacy Community.
âStandard at Legacy supports the active lifestyles of today’s emerging professionals with a wide range of residential amenities and easy access to upscale restaurants, stores and employers in the area,â said John Kirk, Managing Director and Executive Vice President of Embrey.
It sits near the 289-unit Dwell at Legacy complex, built by Embrey in 2014 and later sold to an affiliate of local company Internacional Realty, real estate records show.
The late John Santikos, founder of the Santikos theater chain, came up with the idea of ââpurchasing land at the northeast corner of Loop 1604 and US 281.
âI think John’s vision as a developer in general was great, and he would often buy plots of land in what would become prime locations,â said Aaron Kinsey, vice president of real estate at Santikos, in an interview in 2018. âYou are at the corner of two major intersections in an extremely fast growing city. “
The first piece of the Legacy community was built around 2006, Kinsey said.
It currently includes a Home2 Suites hotel, shops and offices with tenants such as Best Buy and Paul Mitchell the School, a cosmetology and haircut school.
Sherman Residential has three other multi-family complexes in San Antonio and one in New Braunfels. At the beginning of September, it sold the 308 Axis units to Rim to an entity linked to Treeline Multifamily Partners Ltd, based in Denver.
The company loves the economy and the apartment market in San Antonio, and is also active in other major cities in Texas, Senior Vice President Scott Gould said.
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