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CBRE Global Strikes Deal for Signature Ridge Apartments
SPUS8 Signature Ridge LP, a partnership controlled by CBRE Global Investors, acquired the 612-unit Signature Ridge Apartments, one of San Antonio’s largest complexes. The Los Angeles buyer bought the property from RailField Realty Partners of Maryland. The purchase price for the complex at 2711 Medical Dr. was undisclosed, with the Bexar Appraisal District assessing it at $68 million.
RailField owned the asset since 2015, ending its hold because it had completed its business plan to upgrade common areas and living units, according to Jon Siegel, who is with the seller company. Signature Ridge delivered in 2000. The 27-building, 30-acre complex is 92.5% occupied.
The property offers studio, one, two, three and four-bedroom units. On-site amenities include two resort-style pools, fitness and business centers, playground and basketball court, dog park and clubhouse with a full kitchen and lounge areas.
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