The Los Angeles-based firm acquired 352-unit Salado Springs last November and their second buy was ReNew TPC, a 408-unit development adjacent to the Tournament Players Club golf course in San Antonio. The property is 95% occupied.

DB Capital’s Brennen Degner thinks it better to renovate than replace, “It represents a unique opportunity to acquire a desirable garden-style asset in an exceptional location below replacement cost.” He says he’s looking to acquire more apartment properties in San Antonio.

DB plans to upgrade interiors, common areas and exteriors. The 2007-built complex is near numerous large employers, such as Southwest Airlines, Sonterra Medical Center and JP Morgan Chase Corporate Center.