Joint Venture Secures Two San Antonio Multifamily Properties
Cottonwood Group and Texsun Holdings bought a portfolio made up of 636-units. The communities are the San Mateo Apartments and the Heights on Perrin Apartments. For Texsun, it’s their eighth acquisition in the central Texas corridor, spanning from Dallas to San Antonio.
The two complexes are near employers such as Amazon, Rockspace and Southwest Airlines, as well as being near mixed-use retail, entertainment and recreation destinations.
The business plan for the buyers includes a renovation and repositioning of the two developments. The joint venture has allocated $7 million for capital improvements. Texsun’s Sean Fogelman is enthusiastic about the deal, “The portfolio is extremely well located, has very evident operational upside and with the implementation of our Capex plan, we will be able to bring its performance up to the submarket and competitive set norms.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.