Bow River Buys Former UTSA Student Housing Project

RangeWater Real Estate has spun off the Cottages at Leon Creek, a one-time UTSA student housing project that has since been converted to single-family rental. Commercial Edge reports Bow River Capital has purchased the asset from RangeWater Real Estate and Delaware Life Insurance Co. issued a $39.1 million acquisition loan. JLL’s Robert Arzola and Ryan McBride, alongside Robert Wooten, represented the seller. Jayme Nelson, together with Brian Carlton and Leon McBroom, oversaw the financing proceedings.

RangeWater purchased the asset in 2021 when it operated under the name Aspen Heights. Following the acquisition, RangeWater began converting the 284-unit student housing community into a single-family rental property. The transformation efforts, which were completed in 2023, included unit renovations and improvements to common areas.

Spanning more than 53 acres, Cottages at Leon Creek encompasses detached four-bedroom units, as well as attached two- and three-bedroom homes ranging between 1,520 and 2,400 square feet. The community was 92 percent occupied at the time of sale.