‘Boom town’: California firm’s acquisition of apartments near The Rim continues trend

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‘Boom town’: California firm’s acquisition of apartments near The Rim continues trend
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‘Boom town’: California firm’s acquisition of Rim-area apartments continues trend in San Antonio

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An apartment complex at the Éilan community near The Rim has been sold by one California company to another California company.

But in the latest notable acquisition, a company affiliated with Interwest Capital Group of San Diego bought the 539-unit Arrive Éilan complex from San Francisco-based FPA Multifamily in late September, deed records show.It’s unclear what Interwest paid for the 17.2-acre property at 17101 La Cantera Parkway, which the Bexar Appraisal District values at $123 million.

The 120-acre community includes apartments, offices, restaurants, stores and a hotel around a piazza. Its Tuscan-style design features multicolored stucco exteriors, stone facades and clay-tiled roofs.The company is “laser-focused on acquiring underperforming real estate investments and distressed debt,” buying properties with potential and turning them into “best-in-class assets,” according to its website.

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