A joint venture of Federal Capital Partners and One Real Estate Investment has acquired The Summit, a 284-unit, Class B community in San Antonio. The seller was Shippy Properties, which had purchased the asset in early 2019, according to Yardi Matrix data.
Located at 1955 Larkspur Drive, with access to Interstate 410 and US Route 281, the community is 12 miles north of downtown San Antonio and 5.5 miles from San Antonio International Airport. Dining and retail options are available along NW Military Highway and West Avenue.
Built in 1984, the community has one-, two- and three-bedroom units averaging 870 square feet in two- and three-story buildings. Amenities include a clubhouse, a playground, a dog park and two swimming pools, among others.
The new owner plans to invest some $5.1 million in property improvements. Units will receive new flooring, countertops and appliances, as well as backsplashes and light fixtures. Outdoor amenities, such as the outdoor kitchen, fitness center and clubhouse, will also be upgraded.
The Summit represents FCP’s second investment in San Antonio and its 13th in Texas, while OREI has grown its Lone Star State portfolio to more than 3,000 units under management with this purchase. Last year, FCP partnered with VaultCap for the acquisition of two communities totaling 375 units in the Dallas suburb of Grand Prairie that were united under a new name.
Senior Director Will Caruth of Berkadia represented the seller in the current deal.