Local investment company REEP Equity has bought two 1980s-era apartment complexes near the Medical Center.
The properties, 4000 Horizon Hill and Northgate Village, were bought for an undisclosed amount and were last evaluated at $17.8 million and $17.3 million, respectively, according to the Bexar County Appraisal District. They were previously owned by Nilayam Jaya Lakshmi LP and Pallavi Limited Partnership, which share the same Houston address.
REEP Equity received a loan for both properties from Chicago-based NXT Capital. Mark Brandenburg and CW Sheehan of JLL secured the acquisition’s funding.
The 4000 Horizon Hill apartment complex features 273 units, three swimming pools and an on-site fitness center with immediate access to I-10 and I-410. Northgate Village, at 5700 North Knoll, consists of 264 units, a swimming pool and picnic area. Each property offers similar rents, starting at about $660 a month for a one-bedroom apartment and maxing out at just over $1,000 a month for a two-bedroom.
REEP Equity was started in 2016, and Partner Jacob Garza said the company owns and manages eight apartment complexes totaling 1,800 units in San Antonio.
Originally published by San Antonio Business Journal