FCP® with joint venture partner, One Real Estate Investment (OREI) has bought The Summit apartments, a 284-unit community in San Antonio.
Terms of the transaction were not disclosed.
The Summit, built in 1984, is a class B multifamily property located at 1955 Larkspur Drive in the primary economic hub of San Antonio, near the South Texas Medical Center, National Security Agency, Central Security Service Headquarters, Southwest Research Institute, USAA, University Health, and Valero, which combined employ more than 140,000 people. The Summit was sourced through an off-market opportunity based on an existing relationship through a previous OREI asset transaction.
The property benefits from convenient access to Interstate 410 and U.S. 281, and proximity to the San Antonio International Airport three miles away. The partnership will enhance the common areas and exteriors with a $5.1 million renovation that will include adding exterior paint, resurfacing
