Cottonwood Residential Sells San Antonio Asset

Legacy Heights

After recently selling a 327-unit Nashville asset for $39.5 million, Cottonwood Residential has traded Legacy Heights, a 306-unit garden-style community in San Antonio. Regional Investment & Management purchased the property. According to Yardi Matrix data, the deal was subject to a $35.4 million loan originated by Annaly Commercial Real Estate Group.

HFF Managing Director Robert Wooten arranged the financing. The new owner used the loan to acquire the property and fund future renovations. The asset was 95 percent occupied at the time of sale.

Located at 1320 Austin Highway, Legacy Heights is 8 miles northeast of downtown San Antonio. Completed in 2009, the asset encompasses one-, two- and three-bedroom units ranging from 610 to 1,400 square feet. The 12 three-story buildings are spread across 13.6 acres. Common-area amenities include controlled access, a swimming pool, a fitness center, a game room and a playground. The property is close to major transportation routes and within 1 mile of several dining and retail establishments, including two shopping centers.

Image courtesy of Yardi Matrix