San Antonio-based real estate investment and management firm DJE Texas Management Group has acquired three residential communities on the city’s North Side.
While the price wasn’t disclosed, the properties have a combined appraised value of almost $50 million, and DJE Texas plans to invest $5.2 million on renovations, according to the San Antonio Business Journal.
The transaction includes three properties: Elements Apartment Homes, a 280-unit complex at 12221 Blanco Rd. in Castle Hills valued at $23.7 million by the Bexar County Appraisal District; the Row Apartments, a 90-unit development at 7302 University Row near the University of Texas at San Antonio valued at $8.8 million; and the 219-unit Anew Apartments at 8631 Fairhaven St. in the medical center area, valued at $15.2 million.
Read more
Commercial
New York
Hot or not? Texas 2022 real estate trends
Residential
New York
Build-to-rent takes off in Texas
DJE Texas has acquired more than 250 properties and $300 million of real estate since its founding in 2012. The company hasn’t lost any investor capital since its inception, and is consolidating the assets of the transaction in its DJE North Portfolio.
Its current North Portfolio includes several multifamily and single-family properties in the San Antonio area, including the 282-unit Alamo Oaks, the 128-unit The 10Forty8 complex, Legacy Apartment Homes comprising 130 units, and Evergreen Townhomes, a new construction with 14 units.
DJE’s property management arm, DJE Properties, will oversee the communities in the portfolio and invest the $5.2 million in rebranding and renovating, as well as on operational improvements. DJE Properties also handles the day to day operations of the DJE North Portfolio as the in house San Antonio Multifamily Property Management Company, and was created to bring the highest level of care and detail to multifamily management.
The renovations will include the addition of washers and dryers and other amenity upgrades, as well as exterior and swimming pool upgrades. DJE expects most of these renovations to be completed by the end of 2023.
[San Antonio Business Journal] — James Bell