San Antonio: ValCap Group buys two affordable housing properties

​SAN ANTONIO – The ValCap Group LLC has closed on two
affordable housing properties in Northwest San Antonio.

The locally based private equity real estate investment firm
bought the 224-unit Fredericksburg Place at 3401 Fredericksburg Rd. and the
200-unit Vista Meadows at 1100 Callaghan Rd. from the nonprofit San Antonio
Alternative Housing Corporation, which developed the properties in 1983.

Along with putting in an additional $2 million for
remodeling and improvements, ValCap will be paying property tax the county had
previously never benefitted from.

The new for-profit owner is looking to bring
rents for one-bedroom units in the garden-style apartment complexes up to about
$625 per month from their current $500 per month level.