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.”