Investor picks Cotton Crossing in New BraunfelsInvestor picks Cotton Crossing in New Braunfelshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=15762015-03-04T08:45:00Z2015-03-04T00:00:00Z

NEW BRAUNFELS - A California-based private investor has purchased the 118-unit Cotton Crossing apartment complex, signaling a trend that will continue to pick up speed as existing apartment complexes are renovated in exchange for higher rents.

The investor owns other properties along the I-35 corridor, but the Cotton Crossing property is the first that has been this far south.

The transaction follows a series of deals in which existing apartment complexes in desirable areas have been scooped up by investors or developers to renovate and turn over for higher rents.

Railfield Realty Partners' purchased Signature Ridge, a 612-unit complex in the medical center area, for $44.6 million last month. The firm will be putting in about $4 million for property renovations and, as a result, rents will increase by about 10 percent to 15 percent.

Along the same lines, Presidium Group purchased a 426-unit apartment complex in the medical center neighborhood that it will be spending $4 million to renovate. Following the interior and exterior upgrades, rents are also expected to climb.

San Antonio Business Journal
San Antonio-New Braunfels
http://www.bizjournals.com/sanantonio/news/2015/03/02/out-of-state-investor-purchases-new-braunfels.htmlRead more at {Source}

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