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612-Unit Signature Ridge sells for $45M in San Antonio612-Unit Signature Ridge sells for $45M in San Antoniohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=16612015-02-24T10:53:00Z2015-02-24T00:00:00Z

SAN ANTONIO - The San Antonio medical center area is the site of yet another residential complex acquisition, this time worth nearly $45 million.

The sale of Signature Ridge, a 612-unit multifamily community purchased by RailField Realty Partners and Artemis Real Estate, comes just a week after Presidium Group's deal to buy The Landmark, a 426-unit complex also near the South Texas Medical Center.

Both acquisitions point toward a hungry interest among developers and investors in the area, a trend professionals think will only increase throughout the year.

RailField will put in about $4 million for property renovations, including upgraded amenities, common areas and units.

The remodel could result in a 10 percent to 15 percent boost to current rent levels, which are now just shy of $1,000 a month for a standard one-bedroom.

San Antonio Business Journal
San Antonio-New Braunfels
Multifamily
http://www.bizjournals.com/sanantonio/news/2015/02/18/44-5-million-property-acquisition-adds-momentum.htmlRead more at {Source}

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