SAN ANTONIO, TX – Cottonwood Group, a private equity real estate investment firm, announced that it has bought a 636-unit multifamily portfolio located in San Antonio, Texas with Dallas-based Texsun Holdings for ownership and investment in San Mateo Apartments, located at 3787 Perrin Central Blvd. and Heights on Perrin Apartments, located at 2555 NE Interstate 410 Loop.
The Portfolio benefits from a desirable location in San Antonio’s northeast submarket with proximity to some of the city’s major employers, including Amazon, Rackspace and Southwest Airlines. The Portfolio is also proximate to an abundance of mixed-use, retail, entertainment and recreation destinations, including Alamo Heights, The Quarry, Terrell Plaza, multiple golf courses, resorts and parks.
“We bought the Portfolio through our Cottonwood Real Estate Founders Fund, which targets opportunities with a special situation profile. This acquisition opportunity was particularly compelling due to its attractive cost basis, desirable location with positive demographic and employment drivers, and strong operating partner,” said Mark Green, Cottonwood’s Chief Investment Officer. “We are excited to partner with the Texsun team on this acquisition, a firm whose operational expertise and track record complement our capabilities on the capital markets side, and we look forward to a successful joint venture going forward.”
The business plot includes a renovation and repositioning of the Portfolio, for which Cottonwood and Texsun have budgeted approximately $7 million, as well as transitioning management of the Portfolio to ResProp, a multifamily property management firm founded in 2010 that operates more than 9,500 units across 65 properties.
“We are enthusiastic about our partnership with Cottonwood and are keen to grow our footprint in a market supported by brilliant growth fundamentals, favorable renter demographics, and limited new supply,” said Sean Fogelman, Managing Partner and Co-Founder of Texsun Holdings. “The Portfolio is extremely well located, has very evident operational upside, and with the implementation of our capex plot, we will be able to bring its performance up to the submarket and competitive set norms.”
This is Texsun’s eighth acquisition in the central Texas corridor, spanning from Dallas to San Antonio, and the firm is focused on expanding its Portfolio in the area.

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ATLANTA, GA – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Eleven 85, a 2014-built, 288-unit apartment complex located in Atlanta, GA. Amenities at the property include a swimming pool, an outdoor kitchen with grilling stations, a fire pit, a children’s playground, a business center, and a bocce ball court.
Steve Hagenbuckle, TerraCap Founder and Managing Partner, said, “The TerraCap team is enthusiastic about adding the Eleven 85 multifamily community to our growing residential portfolio. The location, nearby amenities, and quality of the surrounding communities and employment centers is consistent with our team’s thesis and overall strategy of investing in only desirable high growth markets.”
Eleven 85 features one, two, and three-bedroom units. The units feature modern design features such as built-in Bluetooth audio systems and energy efficient appliances. The property is located in Atlanta’s Upper Westside Enclave, just off of I-75, providing connectivity to employment throughout the Atlanta metro.
Matt Stewart, TerraCap Partner and Director of Asset Management, said, “Eleven 85 is a Class A apartment community in a neighborhood that we have studied closely since 2017. Nestled among single-family home neighborhoods currently averaging $650,000, the property enjoys walkable neighborhood amenities and has direct access to Buckhead and Midtown where there are a significant number of new inbound jobs that are currently paying well in excess of the current median income for the area. We are excited to add what we believe is another best-in-class community to our portfolio.”
David Gutting of Newmark represented the seller in the disposition. First Communities Management was hired as property manager.

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ASHEVILLE, NC – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of mixed-use multifamily communities, announced the acquisition of Retreat at Arden Farms Apartments, a 312-unit apartment community in the Asheville suburb of Arden, North Carolina. The community was bought on behalf of CS1031 Retreat at Arden Farms Apartments, DST.
“Asheville, North Carolina has been on Capital Square’s radar for some time,” said Louis Rogers, founder and chief executive officer of Capital Square. “We are thrilled to expand the Capital Square footprint to Ashville in order to deliver exceptional investment programs to a growing number of Section 1031 exchange and cash investors nationwide.”
Nestled in the midst of the Blue Ridge mountains at 539 Long Shoals Road, the 28-acre apartment community offers one-, two- and three-bedroom units averaging 957 square feet with high-end finishes including tile backsplashes, stainless-steel appliances, 9-foot ceilings, walk-in closets and a balcony or patio. The community amenities include a grand clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 state-of-the-art fitness center, wellness studio, poolside grilling area, “bark park,” electric car charging stations and private garages and storage units.
The highly amenitized property offers sweeping mountain views with convenient access to numerous outdoor activities. The property also benefits from direct access to Interstate 26, providing a 15-minute drive to downtown Asheville. Biltmore Park Town Square, a mixed-use retail center featuring restaurants, shopping and entertainment, is located just 1.5 miles from the property. Whole Foods, Publix and numerous dining options are within a 10-minute drive.
The scenic property is only nine miles from The Biltmore Estate, George Vanderbilt’s 250-room castle that is America’s largest home and a prominent tourist attraction, according to the City of Asheville. The 8,000-acre grounds, which feature gardens, trails and parklands, are located directly north of the property. For decades, tourists and retirees alike have been drawn to the area’s natural beauty, culture, amenities and small-town feel.
“Asheville gained over 9,000 jobs within a twelve-month period ending in February and registered an unemployment rate of only 2.9%, indicative of a strong local economy,”said Whitson Huffman, chief strategy and investment officer. “The area continues to incubate regional economic growth, as evidence by the recent announcement by aerospace manufacturer Pratt & Whitney that they are investing $650 million to build a one million-square-foot advanced manufacturing center approximately 3 miles from the property, which will lead to 800 permanent, high-paying local jobs.”
Asheville has averaged over 1,000 new apartment units per year from 2014-2021 while maintaining 96% average occupancy, according to CoStar.4 A limited future supply is anticipated due to affordable housing and other local government requirements. Additionally, a rapidly growing population will drive rent growth, according to the local ABC affiliate and Citizen Times news.

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