(SAN ANTONIO) – Hines, the international real estate firm, today announced the sale of The Retreat at The Rim, a luxury multifamily asset in San Antonio, Texas to Berkshire Residential Investments.
The Retreat at The Rim is a four-story, 380,000-square-foot, luxury multifamily project within the RIM retail power center. The development was Hines’ first multifamily project in San Antonio and its eighth in Texas. The project, designed by Meeks + Partners, features resort-style amenities including a centralized leasing center, clubhouse, collaborative workroom, fitness center and yoga studio, two-tiered pool with cabana grill, game room, dog park with wash area, tree-lined entries, and “tuck-under” garages that enable residents to access their units directly from their own private garage. Units range from 682 to 1,479 square feet and include private balconies and optional storage.
“We’re incredibly proud of this execution,” said Chris O’Neill, managing director at Hines. “This was Hines’ first suburban development in San Antonio – and between the vibrant and resilient nature of the submarket and the reception of the community by our residents, we couldn’t be happier with the outcome.”
Hines was represented in negotiations by Walker & Dunlop, a team led by Ryan Epstein, Matt Pohl, Forest Bass & Spencer Roy. Financials on the sale, which occurred upon mutually agreeable terms between the buyer and seller, were not disclosed.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.