StoneRiver Company, a multifamily real estate firm based in Birmingham, Alabama, is pleased to announce its acquisition of Pecan Springs, a 344-unit, garden-style apartment community located in San Antonio, Texas. StoneRiver’s in-house property management division, StoneRiver Property Management, is managing the property. StoneRiver re-entered the Texas market in February of this year with the acquisition of Magnolia Grove Apartments, located in Terrell, Texas. Pecan Springs is the third acquisition in StoneRiver Investment Fund II.
Built in 2013, Pecan Springs features unit interiors and community amenities unlike anything else currently available in the area. Amenities include a resort-style pool with stone features, a swim-up bar, and breezeway access garages. The property’s units feature luxurious interiors with granite countertops and other high-end finishes and amenities.
The property is just minutes from The RIM shopping venue and The Shops at La Cantera, offering retail, dining, and entertainment options to explore. Additionally, the San Antonio Spurs’ new training facility broke ground in November 2021. The 50-acre development called the Human Performance Campus will be located near the Shops at La Cantera and will bring new job opportunities to the area.
“With over 400 corporations headquartered in the San Antonio market, we are confident that Pecan Spring’s location and the area’s strong employment base will help make the property a successful investment for StoneRiver and our investors,” said Joseph Welden, President and Chief Investment Officer of StoneRiver Company.
StoneRiver is currently seeking multifamily acquisition and development opportunities in the Southeast through StoneRiver Investment Fund II, a multifamily real estate investment fund that StoneRiver closed in July 2021.