SPI Advisory, a leading regional real estate company, has added another valuable property to its portfolio. The acquisition of Riverbend Apartments in New Braunfels brings SPI’s total number of units between San Antonio and Austin to 3,747. According to the San Antonio Business Journal, SPI’s Sean Mubarak rejected the first option of assuming a loan with a floating rate and instead opted for a fixed-rate Freddie Mac loan at under 6%, after paying an additional 1.5% to lower the rate by 35 basis points.
Formerly known as Hawthorne Riverside, this apartment community was built in 1995 along the scenic Guadalupe River. The previous owner had recently upgraded approximately one-quarter of units before selling it off to SPI. Now under new ownership, SPI plans on completing renovations including updates to common areas and landscaping as well as improvements within individual units at this prime riverfront location in New Braunfels.
