SAN ANTONIO (June 23, 2021) – RangeWater Real Estate has acquired its first single-family rental (SFR) neighborhood, as part of the multifamily real estate company’s strategy to meet the needs of this rapidly growing rental segment.
RangeWater will convert Aspen Heights, a San Antonio property from student housing into The Cottages at Leon Creek, a Storia℠ Neighborhood.
In 2020, RangeWater launched Storia as one of the first multifamily companies in the country to fund a build-to-rent single-family platform of this scale. The company plans to deploy $800 million dollars to build approximately 15 Storia communities in the Sun Belt cities. Acquisitions also are part of the strategy.
“This is RangeWater’s first Storia℠ acquisition and first Storia single-family-rental deal in the southwest,” said Steven Shores, President & CEO of RangeWater. “When we buy existing communities, we’re looking in high-growth Sun Belt markets which are underserved in this product type. We’re looking forward to enhancing the already impressive neighborhood and continuing our investment in the state of Texas.”
In San Antonio, The Cottages at Leon Creek community features 284 units on 53 acres of tree lined streets, located along the Leon Creek Greenway nature trail. The community is defined by its charming front porches with swings. RangeWater plans to add to the neighborhood feel by fencing in the private yards of every home.
The community was built in 2011. As current leases expire, RangeWater will renovate the units with stainless steel appliances, hard surface countertops and refreshed cabinetry while updating the common areas. Pre-leasing is already underway with a dedicated team of professionals on-site.
“Employees of nearby USAA, Valero, South Texas Medical Center, the University of Texas at San Antonio and other nearby institutions will have a new place to call home,” added Michael Hoy, RangeWater’s Director of Acquisitions in the Southwest. “The Cottages at Leon Creek is the ideal neighborhood for this unique acquisition and repositioning strategy. Our entire team is poised for the opportunity and eager to serve families, young professionals and empty nesters in the San Antonio market.”
The Cottages at Leon Creek are located at 12839 Berthoud Lane in San Antonio. Images available here.
About RangeWater Real Estate
RangeWater is a fully integrated multifamily real estate company creating fulfilling experiences for its partners, clients, residents and employees across the Sun Belt. The Atlanta-based company has acquired and developed nearly 29,000 multifamily units since its inception in 2006 representing in excess of $5 billion in total capitalization. RangeWater currently manages a balanced portfolio of over 56,000 multifamily units across 10 states. With offices in Atlanta, Dallas, Denver and Tampa, RangeWater targets high job growth markets with demand for new housing. For more information, visit LiveRangeWater.com.