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Downtown Private Equity Real Estate Investment Company Cottonwood Group acquired the 636-unit multi-family portfolio in San Antonio, Texas, from Texas-based Texas Holdings.
The properties include the San Mato apartments at 2555 NE Interstate 410 Loop at 3787 Perrin Central Blvd and Perrin Apartments Heights.
The portfolio will be used by some of the city’s top employers, including Amazon.com Inc., Rackspace and Southwest Airlines, in a desirable location in the northeastern suburb of San Antonio.
The portfolio is close to an abundance of mixed-use, retail, entertainment and recreation destinations, including Alam Heights, The Quarry, Terrell Plaza, and several golf courses, resorts and parks.
“We got the portfolio through the Cottonwood Real Estate Founders Fund, which specializes in unique profile opportunities. “We are very pleased to be working with the Texans team on this acquisition, whose work experience and record is a catalyst for our potential through the capital market, and we look forward to a successful joint venture in the future,” Green said in a statement.
The business plan includes renovation and relocation of assets, with Cottonwood and Texsun allocating about $ 7 million, and the transition from apartment building management to ResProp, a multi-family property management company established in 2010 with more than 9,500 units. 65 properties.
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