CASEY DEVELOPMENT COMPLETES SALE OF 312 UNIT APARTMENT COMMUNITY


CASEY DEVELOPMENT COMPLETES SALE OF 312 UNIT APARTMENT COMMUNITY
  • June 02, 2015


SAN ANTONIO, TEXAS - Casey Development, Ltd. announced today it has completed the sale of Tacara at Westover Hills, a 312 unit, Class A apartment community located in the Westover Hills area of San Antonio. The buyer, Olympus Property, is a Fort Worth, Texas-based full service multifamily investment and property management company. Terms of the transaction were not disclosed.

Constructed in 2014 by Casey Development, Tacara at Westover Hills gives residents a true urban feel in a suburban location with several restaurants and retail establishments within walking distance. Homes average 825 square feet and amenities include 9-foot ceilings, granite countertops, stainless steel appliances, crown molding and private patios/balconies. Resort-style property amenities include a contemporary leasing center and separate clubhouse with a fully equipped business center, media lounge with billiards and shuffleboard and an aqua lounge with a demonstration kitchen. The property also has a state-of-the-art 24 hour fitness center, luxurious swimming pool with several fountains, outdoor pavilion and grilling areas. Occupancy was 96% at the time of sale.

Darren Casey, President of Casey Development, said “we believed from the start that residents would love the urban feel of this property in a suburban in-fill location and we were proven right. We always strive to build a “best-in-class” project and Tacara at Westover Hills embodies that philosophy. With the strength of the employment base in Westover Hills, the visibility and walkability of the location and our ability to execute the vision, Tacara is a property that we are proud of and provided a nice return to our investors”.

About Casey Development, Ltd.

Casey Development, Ltd. is a diversified real estate development and investment firm based in San Antonio, Texas. Since its founding by Darren Casey in 1992, it has developed and acquired almost three million square feet of office, multi-family residential, retail and industrial properties primarily in San Antonio, Austin and along the IH-35 corridor.