“We acquired a well-built, low-density asset benefitting from a great school system and a stable resident base,” says D'Argenio. “The interiors offer an upgrade opportunity when compared to newer, more expensive apartments in the submarket.”

The property consists of 15 residential buildings and one stand-alone leasing center spread across more than 26 acres. The unit mix is comprised of 42% one-bedroom units, 45% two-bedroom units and 13% three-bedroom units. Community amenities include a fitness center, swimming pool, volleyball and basketball courts, barbecues, picnic areas, a children's playground, a pet park and a clubhouse with a business center.

“Planned interior upgrades will include hard stone counters, stainless steel, undermount sinks, new fixtures and hardware, while exterior upgrades will include an overhaul of the leasing office and clubhouse, revamping park areas with pergolas, fire pits and seating areas,” D'Argenio tells GlobeSt.com.

As previously reported, the IKEA in San Antonio is expected to break ground later this year.

SAN ANTONIO—San Antonio is home to many businesses across a diverse array of industries including medical, financial, technology, data management, manufacturing, sustainability, aviation, defense, retail, office and transportation. As San Antonio continues to offer an elevated quality of life relative to other US cities, the MSA continues to induce corporate relocations, company expansions and commercial development.

This economic growth and limited apartment supply will continue to strengthen multifamily fundamentals in San Antonio, such as that exemplified in a recent Stone Oak submarket acquisition. The Bascom Group LLC acquired the Redlands Apartments, a 280-unit class-A apartment community. The property offers residents access to North San Antonio's major employment corridors.

“North San Antonio and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other Texas markets,” says Tony Ferrell, director of portfolio operations for the Texas region of Bascom. “The property along with the neighboring properties are all high 90s occupancy with healthy resident analytics.”

Debt financing was arranged by De'On Collins, John Brownlee and Charles Halladay of HFF. James D'Argenio, senior principal, sourced and managed the acquisition for Bascom.

“We acquired a well-built, low-density asset benefitting from a great school system and a stable resident base,” says D'Argenio. “The interiors offer an upgrade opportunity when compared to newer, more expensive apartments in the submarket.”

The property consists of 15 residential buildings and one stand-alone leasing center spread across more than 26 acres. The unit mix is comprised of 42% one-bedroom units, 45% two-bedroom units and 13% three-bedroom units. Community amenities include a fitness center, swimming pool, volleyball and basketball courts, barbecues, picnic areas, a children's playground, a pet park and a clubhouse with a business center.

“Planned interior upgrades will include hard stone counters, stainless steel, undermount sinks, new fixtures and hardware, while exterior upgrades will include an overhaul of the leasing office and clubhouse, revamping park areas with pergolas, fire pits and seating areas,” D'Argenio tells GlobeSt.com.

As previously reported, the IKEA in San Antonio is expected to break ground later this year.