612-Unit Signature Ridge sells for $45M in San Antonio
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.
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