Legacy Heights at 1320 Austin Highway in San Antonio, Texas.
Annaly Commercial Real Estate Group has provided $35.4 million to Regional Investment & Management (RIM) for its purchase of a luxury apartment community in San Antonio, Texas, Commercial Observer has learned.
The three-year, floating-rate loan has two one-year extension options, sources said. The debt has a 75 percent loan-to-value, suggesting a purchase price of around $42.7 million, and went toward acquiring Legacy Heights, a garden-style property at 1320 Austin Highway in San Antonio.
Real estate investment firm RIM, which focuses on acquiring value-add multifamily communities, purchased the asset—built in 2009—from Utah-based Cottonwood Residential, with plans to undergo a renovation of the existing 306 units. Portions of the debt will be supplied over time for the funding of the planned renovations.
The site includes a pool with a sundeck and cabanas, a 24-hour fitness center, a clubhouse with a lounge and billiards, a private dog park, barbecue areas and covered parking.
Monthly rents at Legacy Heights range from $870 for one-bedroom units to $1,890 for three-bedroom units, according to the property’s website.
Neither RIM nor Cottonwood Residential could be reached. Annaly declined to comment on the deal.