Calif. investor sells 559 Class B units in San Antonio

SAN ANTONIO – The 327-unit Park West and the 232-unit Parliament Bend have both been sold to California-based Regional Investment & Management.

The two Class B, garden-style communities are located in the Castle Hills submarket.

Park West, located at 11845 West Ave., offers studio, one- and two-bedroom floor plans that range from 413 sf to 823 sf. Rent varies from $489 to $829. It was constructed in 1979.

Parliament Bend, located at 11838 Parliament St., offers one- and two-bedroom units that range from 476 sf to 905 sf. Rent varies from $499 to $849. It was constructed in 1981.

“Mid-1980s construction is popular with multifamily investors due to the ease at which you can upgrade this property type and seek increased rents,” said Pat Jones, Austin-based principal at ARA Austin.