(Dallas, TX) December 30, 2021 – A major recent residential project near H-E-B LP’s downtown campus has a new owner, but both the buyer and the seller share a hometown.
Dallas-based SPI Advisory LLC along with joint-venture partners acquired the 339-unit Encore SoFlo apartments at 326 S. Flores St. Dec. 17, according to a LinkedIn post from the firm.
Completed in late 2019 by Dallas-based Encore Enterprises Inc., the complex marked one of the first major multifamily projects in its portion of the Central Business District.
The property holds an assessed value of $64 million, according to the Bexar County Appraisal District. Newmark Group Inc.’s Central Texas team brokered the deal.
Absorbing an entire city block, the apartments surround a pool and patios with fountains and relaxation areas.
“The idea there was to provide an urban oasis where you can go after a hard day to your apartment and sit by the pool,” said Charlie Keels, president of multifamily for Encore, in early 2020. “You don’t really feel like you’re in the middle of downtown.”