RangeWater Buys 306-Unit Community in San Antonio

The purchase marks the firm’s second acquisition in the market since July 2021.

Legacy Heights. Image courtesy of RangeWater Real Estate

RangeWater Real Estate has bought Legacy Heights, a 306-unit community in San Antonio. RIM Cos. sold the asset, which previously traded in 2019, according to Yardi Matrix, and was since then subject to a $35.4 million loan held by Annaly Capital Management.

Completed in 2009, the property occupies 13 acres and comprises 12 buildings with studio, one-, two- and three-bedroom apartments, varying from 561 to 1,309 square feet with in-unit washers and dryers, wood vinyl flooring, gourmet kitchens, walk-in closets, balconies and patios.

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Common-area amenities include a clubhouse equipped with a TV and billiard table, resident computer lounge, fitness center, swimming pool, outdoor kitchen and pet park. The company is planning to renovate the pool area, lobby and gym, replace lighting and appliances and adding more green spaces.

Located at 1320 Austin Highway, the community is next to numerous dining options and within half a mile of Terrell Plaza. San Antonio Botanical Garden, San Antonio Zoo and Brackenridge Park are within 4 miles of the property.

RangeWater’s growing portfolio

Legacy Heights is the firm’s second acquisition in San Antonio since July of last year, the first project being the conversion of a student housing community into single-family rentals, dubbed Cottages at Leon Creek.

The company’s portfolio currently holds some 40 multifamily properties across 10 markets, totaling more than 11,000 units, Yardi Matrix data shows. At the end of last year, the company landed a $56.6 million loan for the development of a 320-unit project in Nashville, Tenn.

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