RangeWater Sells San Antonio BTR Asset

By Claudiu Tiganescu | Contributor, Multi-Housing News

Cottages at Leon Creek, a former student housing community converted to single-family rental in San Antonio, has changed hands.

Bow River Capital has purchased the asset from RangeWater Real Estate, Yardi Matrix data shows. JLL represented the seller and arranged the financing for the buyer.

RangeWater purchased the asset in 2021, at the time operating under the name of Aspen Heights. The acquisition landed on the heels of Storia’s launch, the firm’s $800 million build-to-rent platform. In fact, the purchase was the first Storia deal.

Following the acquisition, RangeWater began the conversion of the 284-unit student housing community into a single-family rental property. Completed in 2023, the transformation efforts included unit renovations and improvements to common areas.

Several value-add enhancements are still on the table as well, such as the addition of smart-home technology and carports, as well as the renovation of bathrooms, and the refurbishment of green spaces throughout the community.

Read the full article on Multi-Housing News here.