SAN ANTONIO, TX - Bay Heights Capital, a Miami-based real estate private equity firm, together with Oakwood Capital, has successfully acquired Fredericksburg Place Apartments, a 224-unit multifamily community in San Antonio, Texas. The $14.7 million transaction closed last week, marking a significant acquisition in one of Texas’s fastest-growing markets.
The property was purchased from Benefit Street Partners, which took ownership through a foreclosure process in 2024. The asset last traded in 2021 at a much higher valuation, making this acquisition a substantial discount compared to its previous sale price and a strong opportunity for value creation.
Positioned as a prime value-add investment, Fredericksburg Place Apartments will undergo extensive renovations and operational improvements. The partnership’s goal is to bring the units back online within 6 to 12 months, delivering much-needed workforce housing in San Antonio.
Both firms agree this acquisition is directly in line with their shared strategy of acquiring foreclosed and underperforming multifamily assets in high-growth Sunbelt markets. Their focus will center on restoring operational efficiency, elevating resident experience, and creating long-term value through disciplined asset repositioning.
The transaction underscores Bay Heights Capital’s continued expansion into Texas and demonstrates the ability of both firms to execute complex, time-sensitive acquisitions with institutional sellers.
Bay Heights Capital specializes in the acquisition, development, and management of high-performing real estate assets. Based in Miami, the firm is committed to creating sustainable value through strategic investments in multifamily, residential, and commercial properties across the United States. With a focus on market insights and operational excellence, we deliver tailored solutions that meet the evolving needs of institutional investors and private stakeholders alike.