FCP and JV partner One Real Estate Investment acquire 284-unit apartment in San Antonio

FCP and joint partner OREI acquire The Summit, a 284-unit apartment in San Antonio

One Real Estate's Jeronimo Hirschfeld and FCP's Cole Kellogg with The Summit Apartments (LinkedIn, Federal Capital Partners, Summit San Antonio)
One Real Estate's Jeronimo Hirschfeld and FCP's Cole Kellogg with The Summit Apartments (LinkedIn, Federal Capital Partners, Summit San Antonio)

Maryland-based investment firm FCP bought a 284-unit apartment community in San Antonio, Texas, with local joint-venture partner One Real Estate Investment (OREI), with plans for a $5.1 million renovation.

The property, with access to I-410 and US-281 as well as close proximity to the San Antonio International Airport, was the thirteenth multifamily investment for FCP in Texas and the second in San Antonio.

The Summit, built in 1984, is a Class B multifamily property located at 1955 Larkspur Drive in the economic hub of San Antonio, close to the South Texas Medical Center, National Security Agency, Central Security Service Headquarters, Southwest Research Institute, USAA, University Health, and Valero, according to WBTV.

The terms of the transaction weren’t disclosed, and The Summit was sourced through an off-market opportunity based on an existing relationship with OREI.

“FCP is excited to be working alongside an experienced San Antonio investor in OREI,” said FCP’s Cole Kellogg. “Our robust value-add investment into the community will improve the resident experience and bring the property in line with other top properties in the Castle Hills submarket.”

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The partnership between FCP and OREI will aim to enhance the common areas and exteriors with a $5.1 million renovation, which will include adding exterior paint, resurfacing the pool, pressure cleaning, upgrades to the outdoor kitchen, renovations to the clubhouse, fitness center, landscaping, and enhanced signage, according to the outlet.

In addition, interior value-add renovations will be implemented utilizing premiere upgrades with new flooring, granite countertops, backsplashes, light fixtures, cabinetry, and stainless-steel appliances.

“OREI’s historical performance in Texas has proven fruitful for our investors and we have continued confidence in the San Antonio market to sustain its trajectory of job, population, and rental growth,” said OREI CEO Jeronimo Hirschfeld.
The company will make use of the expertise and resources established in the market to implement its value-add program and drive returns, Hirschfeld says.

OREI’s Texas portfolio includes 10 multifamily communities located in Houston, Dallas, College Station, San Antonio, and Austin, bringing the total units under management in Texas to over 2,750 with the acquisition of The Summit.

[WBTV] — James Bell