TPC Portfolio, two multi-family apartment communities located in San Antonio, Texas, was recently acquired by Canada-based Pure Multi-family REIT LP for $117.5 million.
"We are excited to add the TPC Portfolio, consisting of two top-quality assets, located in the prestigious Cibolo Canyons master-planned sub-division, to our existing San Antonio holdings," said Steve Evans, CEO of Pure Multi-family REIT LP. "With these acquisitions, we have once again successfully executed our portfolio renewal strategy through recycling our capital out of the profitable sale of Windsong Apartments and redeploying it into these newer assets, thus enhancing the overall portfolio quality and shareholder value. In conjunction with these two acquisitions, we continue to undertake due diligence on a third portfolio asset, located in Austin, Texas."
According to their press release in PR NewsWire, the TPC Portfolio is consisted of two properties in 22800 Bulverde Road and 4092 TPC Parkway.
The Bulverde Road property was built in 2007 and offers 344 luxury residential units averaging 1,135 square feet. The 34.8-acre Class A Community features amenities such as a luxurious 13,000-square-foot clubhouse, a 3,500-square-foot fitness center, an onsite European Grand Spa, townhome buildings with attached garages, a resort style swimming pool, and barbeque areas with grills for outdoor entertaining.
The TPC Parkway property, on the other hand, was constructed in 2014 and offers 416 brand-new luxury residential units averaging 943 square feet. The 9.4-acre Class A community features amenities that include a luxurious clubhouse, a 24-hour high-tech fitness center, detached private garages, an infinity-edge swimming pool, and barbeque areas with grills for outdoor entertaining as well.
Pure Multi-family REIT LP is a Canadian-based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality, U.S. multi-family real estate assets. Pure Multi focuses on luxury resort-style apartment communities in key sunbelt locations such as Dallas, Houston and Phoenix. These local markets consistently rank at the top for both job and population growth in the entire United States.