SAN ANTONIO-Mosaic Residential has made its first buy in the Alamo City, purchasing the 248-unit Dove Valley Ranch in an off-market transaction. The Houston-based buyer declined to disclose the purchase price, but indicated that it was well below the market average of $68,600 per unit for multifamily sales.

Mosaic Residential partnered with New York City-based Praedium Group to acquire the class A- apartment community from Agape Northwest Housing Inc., a local firm. The purchase marks the first deal between the two investors, according to Jay O’Connor, founding partner of Mosaic Residential.

“We expect Dove Valley Ranch to be the first of many deals,” O’Connor says. “We were able to acquire a well-occupied, newer class A asset in a strong location at an attractive price.”