Mission DG sells multifamily high-rise

A mystery buyer purchased a San Antonio apartment high-rise from the Henry Cisneros-affiliated Mission DG development firm.

Called the VUE, it’s a nine-story complex with 91 apartments at 11327 Expo Boulevard that was built in 2004, the San Antonio Business Journal reported. 

The price wasn’t disclosed, but the Bexar County Appraisal District valued the property at almost $12 million in 2022. Mission DG bought the property for $9 million in 2018, the outlet reported.

Mission DG completely revamped the property, originally built as a senior living facility, which had sat vacant for about 17 years.

Mission DG added a pool and other amenities, but it also carved 48 condo-style floor plans into smaller apartment units.

Northmarq’s Moses Siller brokered the transaction.

“Even in a market with economic uncertainty and rising interest rates, investors are still targeting well-located real estate with strong underlying fundamentals,” Siller told the outlet. 

Mission DG developed at least two multifamily projects in the San Antonio area recently, according to its website. Aspire at Tampico is a 200-unit apartment complex in downtown San Antonio that received nearly $330,000 in TIRZ subsidies. About two-thirds of those units will be reserved for those earning 80 percent or less of the area median income, the San Antonio Heron reported. The LIV at Boerne Hills is a 162-unit Class A senior-living community.

Cisneros, a partner at Mission DG, was the mayor of San Antonio from 1981 to 1989 and was the Secretary of Housing and Urban Development during the Clinton administration.

Cisneros made headlines last year as he was one of the many investors who purchased the minor league San Antonio Missions baseball team. The group of investors comprises a number of notable figures, such as Spurs legends Manu Ginobili and David Robinson.