Acquisitions

The Palazzo

February 10, 2016
Multi-Family
Purchased: 2016
Spire US LP Equity Interest: 50%

Nicola Crosby, the real estate division of Nicola Wealth Management Ltd., is pleased to announce the acquisition of The Palazzo, a 100 unit Class A apartment community in San Antonio, Texas, acquired in partnership with Venterra Realty. The purchase was a fractured condominium deal that included 90 units, with the remaining 10 owned by individuals. The property was mostly constructed in 2007 to much higher standards than a typical garden style apartment complex. The large open concept floor plans average 1,099 square feet and are spread amongst one-, two- and three-bedroom units, all with fireplaces and balconies. The Palazzo is located in the Medical Center area of Northwest San Antonio. The South Texas Medical Center is a concentrated amalgamation of more than 75 medically-related institutions, 45 clinics, 12 major hospitals, one higher education institution and dozens of small practices, offices and non-medical businesses covering a 900 acre site in northwest San Antonio. Project amenities include a swimming pool, outdoor BBQ grill, fitness center, business center, and a clubhouse with games room and fireplace.

Special Thanks To:
Venterra Realty (Joint Venture Partner)
Financing – Cortney Cole (HFF Houston)

For more information, please contact any of the following:

Mark Hannah
Mark Hannah Managing Director, Real Estate 778-383-6937
Alex Messina
Alex Messina Director of Acquisitions,
Real Estate
778-383-4020
Shaun Blythen Acquisitions Manager,
Real Estate
604-558-5500

About Nicola Wealth Real Estate

Nicola Wealth Real Estate is the in-house real estate division of Nicola Wealth.  Our team acquires and manages properties for Nicola Wealth’s real estate portfolios.  We are an experienced team with a disciplined approach, dedicated to building high quality real estate portfolios that are diversified both geographically and by asset type.

About SPIRE Real Estate Portfolios

SPIRE Real Estate LP is an investment portfolio comprised of retail, industrial, office, multi-family, seniors and self-storage properties totaling 3.7 million square feet located in major Canadian markets. SPIRE US LP is an investment portfolio comprised of office, retail and industrial properties located in Seattle, San Francisco, Denver, Phoenix, Houston and Chicago. The portfolio also includes interests in over 14,000 multi-family apartment units located in the South and Southeast US. SPIRE Value Add LP is a new addition to the SPIRE and SPIRE US investment portfolios and focuses on generating returns through re-sale of investments in multiple projects using “value-add strategies.”

About Venterra

Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. Venterra currently manages a portfolio of multi-family real estate assets of almost 17,000 apartment units. The company has offices in Houston and Toronto and employs over 500 people.