Falcon Ridge Apartments Sells to High Five Multifamily

High Five Multifamily, an investor of Class B and Class C multifamily assets, acquired Falcon Ridge Apartments, a 116-unit complex in Universal City, TX. The new owner is planning more upgrades, including adding four units to the 50-year-old complex in the northeast San Antonio suburb.

The seller, operating under the name Falcon Ridge Apartments LLC of Dallas, sold the complex at 350 E. Aviation Blvd. During its hold, the former owner invested $1.3 million in capital to remodel most of the units, as well as exterior upgrades that included a new roof and paint, as well as new solar screens and updated exterior electric service panels. High Five of Houston is planning to continue exterior renovations to the asset.

Falcon Ridge offers one and two-bedroom apartments, and a swimming pool is on site. Occupancy was 93% at the time of the sale.

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