The Summit Apartments were built in 1984. The partnership says it will start a $5.1 million renovation that will focus on common areas and exteriors. Exterior paint, resurfacing the pool, rehabbing the clubhouse and fitness center, landscaping will all be included in the upgrades. In addition to the interior, new flooring, countertops and appliances will be included. FCP’s Cole Kellogg says the changes are needed to keep pace, “Our robust value-add investment into the community will improve the resident experience and bring the property in line with other top properties the Castle Hills submarket.” The apartment is located at 1955 Larkspur Drive.

The Summit is the 13th multifamily investment for FCP in Texas and the second in San Antonio. Terms of the sale were not disclosed.