The PPA Group Buys NE SA Apts.
Nov 5, 2014
The PPA Group, an Austin-based multifamily real estate investment and development company, has purchased The Heights at Midcrown, a 208-unit community on the northeast side of San Antonio
“For PPA, one of our strengths is knowing what can greatly improve a property,” Monte Lee-Wen, president and CEO of The PPA Group, told GlobeSt.com. “This type of deal is part of our core focus. Value-add opportunities often lead to the best return on investment and Midcrown is a property with a lot of potential. It is in a great up-and-coming area and it has great bones.”
Over the next year, units will be updated and popular common area features such as outdoor kitchens will be added at the property. CLEAR Property Management will manage Midcrown for PPA, and will oversee the renovations
“We are very excited about this opportunity,” says John A. Latham, chief investment officer at PPA
In addition, the property is positioned in a “well-performing submarket,” says PPA, with Rackspace, an internet service provider, being the dominant employer in the immediate area; it employs 3,200 people and is approximately two blocks from Midcrown
“We believe that Rackspace has been a fantastic leader in the re-gentrification of this community and the renovations we have planned for Midcrown will further add to the overall transformation in the area,” says Latham