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Dallas Buyer Acquires 252-Unit San Antonio Complex

SAN ANTONIO-Performance Properties gets a $2.2-million preferred equity investment from Hall Financial Group to help buy Crystal Springs apartments. About $800,000 will be used for capital improvements. In return, Hall stakes a 10% claim.

By Jim McCartney | Updated on August 21, 2002

SAN ANTONIO-Performance Properties and Hall Financial Group recently bought Crystal Springs, a 252-unit apartment community in San Antonio, where the plan is to do an $800,000 renovation.

The Frisco, TX-based Hall Financial Group’s structured real estate finance division provided $2.2 million in preferred equity to Performance Properties for the capital improvements. The property is located east of the Alamo Heights district, just off Interstate 410.

The improvements include extensive renovations to the exterior, including landscaping, a refurbished parking area, wrought iron railings to replace wooden railings on balconies and power-washing the brick exterior, says Mike Jaynes, Hall’s senior vice president. Interior improvements will include new appliances, countertops, cabinets, carpeting andcrown molding, he adds.

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