Newly Formed Firm Buys San Antonio Community
The new owner will invest $4.7 million in capital improvements.
Newly formed Platte Canyon Capital has purchased Allure Apartments, a 268-unit community in San Antonio, in an off-market transaction. DJE Texas Management Group previously owned the asset, according to Yardi Matrix information.
The deal marks PCC’s first acquisition. The Denver-based multifamily investment firm launched in January 2025, with a $30 million institutional commitment.
DJE Texas Management Group had bought the property in 2019 from Comunidad Partners, according to Yardi Matrix data. In 2021, the asset became the subject of a seven-year CMBS loan in the amount of $23 million, issued by Walker & Dunlop.
A two-phase San Antonio asset
Allure Apartments comprises 116 units completed in 1984, while the other 152 apartments came online in 2017. Located at 7770 Pipers Lane, the property consists of 38 one- to three-story buildings spread across a 12-acre site. The units have one-, two- and three-bedroom layouts ranging from 670 to 950 square feet.
Shared amenities include a swimming pool, a fitness center, a clubhouse, a playground and barbecue areas. The new owner plans to invest $4.7 million in a capital improvement program that will involve renovations to unit interiors and in-unit washer/dryer installations, as well as general improvements to all amenities.
The community is adjacent to Culebra Crossing Shopping Center and within 2 miles of the 1.2 million-square-foot Ingram Park Mall, situated just off Interstate 410. Downtown San Antonio is some 14 miles east.
San Antonio multifamily sales drop year-over-year
In the first two quarters of 2025, San Antonio registered $31.4 million in multifamily investment sales, with assets trading at an average per-unit price of approximately $100,400, according to Yardi Matrix data. The figure marks a significant decline from the first two quarters of 2024, when the investment volume totaled $247 million. Back then, properties changed hands at an average $112,000 per unit.
Meanwhile, rent growth rebounded on a trailing three-month basis in March, up 0.1 percent to $1,254, a recent Yardi Matrix Metro report shows. Occupancy in stabilized properties dropped 50 basis points year-over-year, to 90.8 percent as of February.
