One of the apartment complexes to be sold is near The University of Texas at San Antonio.
Google Maps screenshotDJE Texas Management Group, a San Antonio-based realty firm, has purchased three apartment complexes, totaling nearly 600 units, on the Northwest side of San Antonio.
The firm purchased Elements Apartment Homes at 12221 Blanco Road, Row Apartments at 7302 University Row, and The Riley at 8631 Fairhaven Street, according to a Wednesday, June 1, news release. DJE did not disclose the price paid for the three apartment complexes, but they were last appraised at roughly $47 million combined, according to appraisal district records.
On top of a rebranding of the apartments, DJE says it plans to invest some $5.2 million in improvements and renovations into the properties. Renovations will include the addition of washer and dryer units, amenity upgrades, exterior community buildings, and swimming pool upgrades. Improvements are set for completion in 2023.
“This multi-property renovation project will not only enhance the communities in which they are located, but it will also help to meet the city’s growing need for quality housing,” says Devin Elder, DJE founder and CEO, in the news release.
Apartments across San Antonio within the past year have been sold to numerous property management firms. In April, San Francisco-based firm Hamilton Zanze sold the 150-unit Niche Apartments at 33 Lynn Batts in the Oakwell Farms neighborhood. Hamilton Zanze didn’t disclose who the buyer was, but took out a loan for $20 million for the property.
