Local Multifamily Investment Group Acquires 22 Acres

Fulton Property Group LLC, a San Antonio multifamily investment company, acquired 22 acres on the south side of Alamo Ranch Parkway, between Lone Star and Alamo Parkways on San Antonio’s far west side. The buyer borrowed $30.7 million from Citizens Bank in Providence, RI to pay seller Eaton Development for the acreage.

Fulton Property targets Class A apartment complexes and land ranging from 10 acres-30 acres, which are close to employment centers, retail and entertainment. The company’s local assets include Sonterra Heights on Stone Oak Parkway and Hilltop at Shavano, on Shavano Ranch Drive in San Antonio, and Elm Hollow on Bandera Road in Helotes.

The 22 acres is part of a 56-acre tract in the Alamo Ranch neighborhood. Earlier this year, the seller sold 3.4 acres of the tract to Birnbaum Properties Co., and also sold land to Vaquero Ventures of Fort Worth and Richmond, TX-based Realty 1 Partners for retail projects.

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