Platte Canyon Capital paid $45 million for two apartment complexes in the San Antonio area. The company purchased Allure Apartments, a 268-unit community at 7770 Pipers Lane near Westover Hills and Northwood Luxury Apartments, a 252-unit property at 1950 FM 306 in New Braunfels.
The San Antonio Business Journal reports the company purposefully acquired distressed apartment properties, backed by an institutional investor. The San Antonio-area acquisitions represent the first two deals completed under the strategy, which launched earlier this year.
Platte Canyon Capital bought the Allure Apartments from DJE Texas Management Group. The complex was built in two phases in 1984 and 2017. Platte plans to invest $4.7 million in improvements at the property.Â
The New Braunfels acquisition closed in late April through an off-market process tied to a trust liquidation. The New Braunfels property also includes two phases: one built in 1999 and the other completed in 2017.
The post Apartment Investor Targets San Antonio Value-Add Rental Assets appeared first on Connect CRE.
​Â
