Bay Heights, Oakwood Buy SA Apartments, Plan 6-12 Month Turnaround

Bay Heights Capital, in partnership with Oakwood Capital, has completed the acquisition of Fredericksburg Place Apartments, a 224-unit multifamily community located in San Antonio, Texas. The purchase price was $14.7 million. 

The property was acquired from Benefit Street Partners, who took possession of the asset through a foreclosure process in 2024. The asset had previously traded in 2021 at a significantly higher valuation. This transaction marks a substantial discount to prior pricing and reflects the current condition of the asset and the opportunity for value creation. 

Fredericksburg Place Apartments represents a strategic value-add acquisition for the Bay Heights–Oakwood joint venture. The partnership plans to invest significant capital into renovations and operational stabilization and intends to reintroduce the units to the market over the next 6 to 12 months. Once stabilized, the property is expected to deliver much-needed workforce housing in a high-demand, supply-constrained submarket of San Antonio. 

Looking to stay competitive in today’s challenging capital markets? Join top lenders, equity partners, and investors at Connect Texas Multifamily as they break down real-time deal structures and financing tactics in the Texas Transactional Blueprint session. Register at www.ConnectTXMF2025.com | EVENT DATE: Thursday, August 28^th | VENUE: The Joule, Dallas