RPM Acquires 341-Unit San Antonio Rental Community

PCCP has provided a $42 million senior loan to RPM Living Investments for the acquisition of Heritage Plaza, a 341-unit, Class A apartment community located at 227 Dwyer Avenue in downtown San Antonio, TX. Built in 2020, the property features modern finishes and amenities and is one block from the San Antonio River Walk.

The five- and six-story property includes 307 market-rate (90% of unit mix) and 34 below-market-rate units (10% of unit mix). Its floorplans include studio (18%), one-bedroom (68%), and two-bedroom (14%) units. Units feature balconies or patios in each unit. Community amenities include an expansive pool deck, outdoor kitchen and pizza oven, rooftop terraces, resident clubhouse, and a state-of-the-art fitness center. There is also 4,600 square feet (sf) of ground-floor retail, including Kafe Krave, a daytime café that transitions to a cocktail bar in the evening.