FCP® with joint venture partner, One Real Estate Investment (OREI) announce the acquisition of The Summit apartments, a 284-unit community in San Antonio, Texas. The Summit is a 1984-build, Class B multifamily property located at 1955 Larkspur Drive in the primary economic hub of San Antonio, proximate to the South Texas Medical Center, National Security Agency, Central Security Service Headquarters, Southwest Research Institute, USAA, University Health, and Valero, which combined employ over 140,000 people. The Summit was sourced through an off-market opportunity based on an existing relationship through a previous OREI asset transaction. Terms of the transaction were not disclosed.
The property benefits from convenient access to freeways I-410 and US-281, and close proximity to the San Antonio International Airport three miles away. The partnership will enhance the common areas and exteriors with a $5.1M renovation that will include adding exterior paint, resurfacing the pool, pressure cleaning, upgrades to the outdoor kitchen, renovations to the clubhouse, fitness center, landscaping, and enhanced signage amongst others. In addition to the exterior, interior value-add renovations will be implemented utilizing premiere upgrades including new flooring, granite countertops, backsplashes, light fixtures, cabinetry and stainless-steel appliances.
“FCP is excited to be working alongside an experienced San Antonio investor in OREI,” said FCP’s Cole Kellogg. “Our robust value-add investment into the community will improve the resident experience and bring the property in line with other top properties in the Castle Hills submarket.” The Summit is the 13th multifamily investment for FCP in Texas and the second in San Antonio.
“OREI’s historical performance in Texas has proven fruitful for our investors and we have continued confidence in the San Antonio market to sustain its trajectory of job, population, and rental growth,” said OREI President and CEO, Jeronimo Hirschfeld. “As The Summit marks our fourth investment in San Antonio, OREI will utilize the expertise and resources established in the market to implement our value-add program and drive returns.” In addition to acquiring The Summit, OREI has a Texas portfolio that includes 10 multifamily communities located in Houston, Dallas, College Station, San Antonio, and Austin, bringing total units under management in Texas to over 2,750.
FCP and OREI extend their appreciation to Will Caruth of Berkadia’s Capital Markets team for his representation of the seller.
FCP® is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About One Real Estate Investment
Founded in 2001, One Real Estate Investment (“OREI”) is a privately owned, Miami-based real estate investment and asset management company. OREI is a disciplined investor, manager, and operator focused on acquiring multifamily assets in the Southeast United States and Texas. The firm’s expertise is in executing and managing a strategic asset repositioning, amenity upgrade, and operational optimization programs to maximize value for its tenants, investors, and communities in which it invests. The firm’s deals are capitalized by proprietary funds and programmatic relationships with institutional, family office, and ultra-high-net-worth capital partners. OREI has over 6,000 units under management nationally and has acquired and sold over 10,000 value-add multifamily units since its inception.