Local multifamily investment firm DJE Texas Management Group bought its fourth value-add property in San Antonio.
The 106-unit Terrace Apartments sits on 5.3-acres at 11300 Roszell St. in Northeast San Antonio.
Built in 1974, the complex includes a mix of one, two and three-bedroom units, as well as a pool, two laundry facilities, a playground, gated access, picnic areas and a business center. While the purchase price was not disclosed, the Bexar County Appraisal District most recently assessed the property at $4 million.
DJE says it plans to renovate and update interiors on each apartment, rebrand the property, address deferred maintenance and hire a management team.
“We’re excited to have the opportunity to bring fresh capital to this community to renovate this mid-1970s asset and provide a true win-win scenario for the residents of this community and our investors," Devin Elder, managing partner at DJE, said. "The acquisition of The Terrace will mark ownership interest in 407 units of multifamily housing in San Antonio for DJE Texas Management Group, with more closing in April. We’re from here and we remain bullish on San Antonio’s future.”