DB Capital has acquired ReNew TPC, a garden-style apartment community in San Antonio, Texas. The deal marks the second time the company has acquired properties in the San Antonio MSA, following its purchase last November of Salado Springs, situated in the north central section of the Alamo City. These acquisitions reflect one of the company’s goals.
Constructed in 2007, ReNew TPC is a 408-unit community offering a blend of studio, one-, two-, three- and four-bedroom apartments across 18 three-story multifamily buildings. Plans call for DB Capital to complete a capital improvement program that will yield upgrades to unit interiors, common areas and exteriors.
“The strength in operations of the submarket as well as the fact we were relying on strong, longstanding relationships to capitalize the deal helped mitigate any headwinds caused by the overall market volatility,” DB Capital’s CEO Brennen Degner told Multi-Housing News. “We are already off to the races renovating the exterior, common area and just turned over the first batch of units to be renovated. We have already seen strong leasing velocity and expect to experience some impressive lease trade outs with the units we will bring back to the market once renovated.”
In a prepared statement, company officials noted the Lone Star State’s economy has built momentum in the wake of the pandemic. The property is proximate to a number of major employers, including JP Morgan Chase Corporate Center, Sonterra Medical Center, Southwest Airlines, Ridgewood Park and a number of Amazon fulfillment centers.
The property was 95 percent occupied at the time of closing. Both DB Capital and the seller were represented in the transaction by Newmark. One month ago, a San Antonio Multifamily Report found the market providing healthy fundamentals.