Windmill spins buy of 240-Unit Villa Espada

​​​SAN ANTONIO – San Antonio-based 210 Development Group has been building up its list of new multifamily developments over the past few years, but now, it has finally pushed one off its plate by landing a buyer for its 240-unit Villa Espada Apartments. 

Windmill Investments, an Oregon private real estate investment company, closed on the South San Antonio property in mid-June, and expects it will be in the perfect position to capitalize on the recent growth in the area.

Villa Espada was 50 percent occupied at the time of closing, far below the typical 90-and-above percent developers wait to achieve before putting a property on the market. 

Villa Espada has an appraisal value of more than $25.2 million.

The property was built last year and is located in the Mission del Lago neighborhood just a short drive south of Loop 410. 

The units are spread across 11 three-story buildings, which have access to amenities such as a resort-style pool, 24-hour fitness center, a clubhouse, pet park, fire pit and barbecue area.

"The South Side of San Antonio has a very limited number of Class A multifamily assets," JLL managing director Scott LaMontagne said. "As the area’s first market-rate asset, Villa Espada Apartments exemplifies the tremendous economic growth happening there."