Multifamily real estate firm continues major plays in San Antonio with investment in 306-unit, garden style apartments and plans for upgrades
RangeWater Real Estate has acquired Legacy Heights, the 306-unit, garden-style apartment community located at 1320 Austin Way in Terrell Heights, adjacent to Alma Heights. This is the company’s third foray into the market and second acquisition since July 2021 to meet the growing demand for homes.
“San Antonio is a major focus in our team’s continued expansion west,” said Steven Shores, Chairman and CEO of RangeWater. “The city’s rapid growth has created demand for better housing that we are eager to deliver. Legacy Heights is a welcome addition to our growing San Antonio portfolio and we will invest in improvements to make this a best-in-class community.”
Legacy Heights is just minutes from Brooke Army Medical Center, University of Incarnate Word, Fort Sam Houston, major employers and popular shopping centers. It’s also a short drive to the vibrant restaurants and happenings that comprise Pearl as well as the plethora of shopping options on Broadway.
RangeWater plans to invest significant capital to update the amenities, common areas and interiors of these homes, which were built in 2009. This includes enhancing the pool area, activating more green space, replacing lighting and appliances with more energy efficient selections and rehabbing the gym and lobby, all of which will bring the homes to the standard of the company’s highly appointed portfolio, which spans the Sunbelt
The gate-accessed community, offering one-, two- and three-bedroom apartments. showcases an array of features, including washer/dryer connections, plush carpeting, wood vinyl flooring, gourmet kitchens, large walk-in closets, balcony/patio, storage and reserved covered parking. A central clubhouse is equipped with a big screen TV, a billiard table, resident computer lounge, state-of-the-art fitness center, luxurious pool, outdoor kitchen, pet park and more.
“This is a well-located property adjacent to the most affluent part of town, and boasts easy access to employment centers, retail and nightlife,” said Michael Hoy, RangeWater Director of the Southwest Region. “It fits well into our strategic growth in San Antonio.”
RangeWater’s first acquisition in San Antonio involved converting an existing student housing complex into single-family rentals called Cottages at Leon Creek. The homes have met with quick leasing success. In addition, RangeWater’s second foray is currently in progress and marks its first ground-up development of 154 for-rent townhomes on a 16.53-acre property in San Antonio to build 154 for-rent townhomes on the Texas State Highway Loop 1604. That property is a quick 12-minute drive from the airport, 20 minutes from downtown and near major employers such as USAA, H-E-B, Wells Fargo, Harland Clarke, J.P. Morgan, Rackspace Technology and the three military bases. Both of these San Antonio communities are part of RangeWater’s Storia division, which is deploying capital across the Sunbelt to build single-family-rental (SFR) residential units.
Privately owned RangeWater was founded in 2006. The company acquires, develops, manages and invests in multifamily communities across the Southeastern and Southwestern United States, with a $5.4 billion portfolio.