The duo acquired the Villas of Henderson Pass, a 228-unit multifamily community in San Antonio. The property, which was 98% occupied at closing, is DB Capital’s third acquisition in the last seven months. The company has spent over $160 million in San Antonio over that time period.

DB’s Brennen Degner gives more detail on why he is still bullish on San Antonio, “Our aggressive approach in acquiring assets in the San Antonio area is fueled by our strong belief in the market’s excellent multifamily fundamentals, which continue to attract major employers from multiple industries.”

DB plans to rebrand the asset as Summit Henderson Pass and will spend $4.5 on revamping the floors, appliances, exteriors and common areas.