Source: Orion Real Estate Partners
SAN ANTONIO, TX - Los Angeles-based Orion Real Estate Partners announced that it has acquired Remington Ranch, a garden-style apartment community in San Antonio, Texas. Orion purchased the 180-unit apartment community in June 2022 and plans to invest approximately $2.6 million in interior and exterior improvements.
The Property sits on an expansive 7.4-acre site, with ample amenities including a fully redesigned clubhouse and business lounge/coffee bar, a new fitness center, and a pool with a free-standing cabana. Built in 2008 and with 80% of the units in classic condition, the property is an ideal candidate for a value-add unit renovation program to drive premium rents while remaining an affordable alternative to new product in the submarket.
This is Orion's eighth acquisition in the central Texas corridor, spanning from Austin to San Antonio, and the firm is focused on expanding its portfolio in the area. Orion has a favorable long-term outlook on central Texas and expects that the corridor will continue to outperform the nation in both job and population growth.
CBRE Multifamily Capital provided an acquisition loan through East West Bank, and Orion will utilize property management company Anterra. Anterra currently manages 1,074 units for Orion in San Antonio.