PPA Pays Nearly $41M for 942-Unit Portfolio

SAN ANTONIO-Partnered Property Acquisitions Group LLC has paid $40.5 million to acquire three of the four complexes that Metra United owns in the city. The Austin-based buyer is planning to put an additional $1.2 million into upgrading the 942 class B units.

The just-bought properties are the 466-unit Sunset Canyon at 2170 Thousand Oaks Dr., 244-unit Kenton Apartments at 14650 Nacogdoches Rd. and 232-unit Peppermill at 2125 Universal City Blvd. “These particular properties were the next step in upgrading our portfolio,” Richard Sorrentino, PPA’s executive director, tells GlobeSt.com. “We were typically buying class C assets so this balances our portfolio.” He adds Metra United’s fourth complex, the 140-unit Cimarron at 1950 Universal City Blvd., was considered, but it “didn’t fit our investment criteria.”

Upgrades will begin immediately and will include exterior painting and some interior renovation. Sorrentino says upgrades should be completed by first quarter 2009.