River Rock Acquires 240 Apartments in San Antonio

Viva Max

River Rock Capital has acquired a 240-unit value-add multifamily community, Viva Max, in San Antonio. The seller was a private individual and directors Chase Easley and Jim Young with Newmark brokered the transaction. The property received a $14.9 million loan from Wells Fargo Bank in 2020, according to Yardi Matrix data.

Located at 3631 Callaghan Road, the garden-style property is in the northwest side of the metro, just 3.8 miles from Interstate 410. There are many retail spaces, dining and entertainment options in the proximity, such as Ingram Park Mall, Westover Marketplace and Alamo Ranch. Green areas including Gilbert Garza Park and Hardin Athletic Complex are close. South Texas Medical Center, UT Health San Antonio and University Health System are some of the area’s employers.

Completed in 1983, Viva Max encompasses 13 two- and three-story buildings with one- and two-bedroom units ranging between 600 and 800 square feet. Community amenities include a business center, a clubhouse, a playground and picnic area, a swimming pool and laundry facilities. In-unit amenities encompass washers and dryers, walk-in closet and black appliances in some units.

Young said in prepared remarks that the transaction was completed through a loan provided by Freddie Mac. River Rock Capital recently sold a 128-unit community in Fort Lee, N.J., to Blue Diamond Equities for $51.8 million.