SAN ANTONIO—Bethesda, Md.-based RailField Realty Partners recently completed the acquisition of Signature Ridge Apartments, a 612-unit class A apartment complex in San Antonio.
“The Signature Ridge acquisition is very consistent with our strategy of buying well-located assets in stable markets,” Jon Siegel, parter with RailField, told GlobeSt.com. “We like the fundamentals of San Antonio, and the property's location at the Medical Center provides a strong base of jobs. We believe that there is significant upside with the asset to position it to be competitive with the newer product in the market at an attractive price point.”
The property was built between 2000 and 2003. RailField, founded in late 2013, plans to invest significant funds to enhance the asset, including upgrading both amenities and unit interiors.
"We like San Antonio with its favorable demographics and stable economy," Ken Bacon, the former head of Fannie Mae's multifamily division and one of the founding partners of RailField says, adding that Signature Ridge will be the second property the real estate firm has in the city. Last year, it acquired Legends at Kitty Hawk, a 288-unit multifamily community.
The property will be managed by CRES Management, headquartered in Kansas City, Missouri.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
