MLG Capital Buys San Antonio Luxury Asset
This transaction marks the firm's 10th acquisition through its Private Fund VI.
MLG Capital has acquired The Springs at Alamo Ranch, a 232-unit luxury multifamily community in San Antonio, through its MLG Private Fund VI. According to Yardi Matrix data, the previous owner was Continental Properties. The same source shows that, in 2015, the asset became subject to a $23.4 million, fixed-rate CMBS loan originated by Walker & Dunlop. The buyer will rebrand the property as Reata Alamo Ranch.
Completed in 2014, the community encompasses 11 buildings with studio, one-, two- and three-bedroom floorplans ranging from 525 to 1,399 square feet. Common-area amenities include a fitness center, swimming pool, gated access and a pet playground and spa, along with 464 parking spaces.
Located at 11211 Westwood Loop, the roughly 15-acre property is some 20 miles from downtown San Antonio. The community is close to major roads providing access to large employers in the metro such as the Methodist Hospital and USAA. There are numerous retail and dining options nearby.
The Springs at Alamo Ranch marks MLG’s 10th acquisition within Fund VI, an investment vehicle with an equity raise goal of $400 million, as well as the company’s fourth purchase in the San Antonio market. In a previous transaction, the firm added Torrey Place, a 148-unit community in New Braunfels, to its Texas footprint.