364-Unit Vineyard Springs to new owner

​​SAN ANTONIO – A group of investors have purchased the Vineyard Springs apartment complex along Loop 1604 on the North Side.

The investors plan to renovate the 20­-acre, 364-­unit complex, built in 2001 in order to make improvements that will raise the rents so they are comparable to nearby complexes.

A Houston-based company has spent more than $40 million to buy the apartment complex, assessed at $36 million in 2016 by the Bexar Central Appraisal District.

This purchase is one of the largest multifamily investments made so far this year in San Antonio.

Apartments in the complex currently rent for appro​ximately $1.10 per sf, while nearby complexes rent for approximately $1.21 per sf.

Ilan Investments of Houston led a group of investors to purchase Vineyard Springs from Cottonwood Residential of Salt Lake City.

The apartment complex—that seems to be the most valuable apartment complex sold so far in 2017—will be managed by Adara Communities.