Fair Oaks Ranch takes $35M in SA burb

BOERNE - Vantage at Fair Oaks, a 288-unit complex built in 2012, has been purchased for $34.56 million.

The community, 27642 IH 10 West, has been renamed Fairmarc Apartments, according to Steadfast Income REIT.

The 93 percent occupied property consists of 14 three-story residential buildings that offer a mix of one-, two- and three-bedroom apartments that have average in-place rents of $967, according to SEC filings.

The Fairmarc marks Steadfast’s fourth Texas acquisition — and its second in San Antonio. In December 2012, the real estate investment trust purchased Ashley Oaks, located at 16400 Henderson Pass in North Central San Antonio. The purchase price for Ashley Oaks was $30.79 million.