Raia Properties sold the Vista Ridge apartment complex to a private investment firm. The property is a 271-unit community located at 6522 Camp Bullis Road, northwest of San Antonio.
Vista Ridge is a garden-style community built in 2007 and offering one-, two- and three-bedroom apartments. Principal Patton Jones and broker Casey Fry from Atlanta-based ARA Real Estate Investment Services represented the seller in the transaction. The price was not disclosed, but the San Antonio Business Journal reports that the buyer paid cash for the acquisition. The residential community was at 95 percent occupancy at the time of the sale.
“Vista Ridge was sought after by institutional and private wealthy investors seeking a core investment opportunity,” said Jones. Moreover, the property was appealing to potential buyers due to “the affluent demographics, outstanding product finishes and the high-end retail and entertainment” destinations near Vista Ridge, such as The Shops at La Cantera and The Rim.
Photo courtesy of Vista Ridge – San Antonio Facebook Page