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Legacy Capital Partners (“Legacy”), a Cleveland, OH-based national real estate investment firm and DB Capital Management (“DB”), a Los Angeles, CA-based real estate owner and operator, have acquired Summit at Salado Creek, a 1997-vintage, 352-unit apartment community in San Antonio, TX (“Salado Creek”).
Legacy and DB acquired Salado Creek as part of their value-add strategy and plan to increase value through the execution of the property’s interior renovations to a Class A finish, as well as planned upgrades to common areas and exteriors to improve the quality of the overall community for its residents. The San Antonio metro population has grown nearly 20% between the 2010 to 2020 census and is projected to continue its robust growth. The property is in a strong infill submarket with limited new development nearby and proximity to major employers including USAA, the South Texas Medical Center and Valero.
“We’re thrilled to acquire Salado Creek, which has performed well through the pandemic, and to continue enhancing resident experience through our business plan. This is Legacy’s first joint venture with DB Capital Management, and we look forward to growing the partnership,” said David St. Pierre, Managing Director at Legacy.
About Legacy Capital Partners:
Legacy Capital Partners is a real estate private equity firm founded in 2004 by Mitchell C. Schneider and David B. St. Pierre. Since its inception, Legacy has invested in 75 properties in 18 states with a total cost basis of $2.13 billion. Since October 2009 Legacy has invested exclusively in for-rent multifamily properties and is actively deploying capital out of its discretionary Funds. For more information about Legacy Capital Partners, visit www.lcp1.com.
About DB Capital Management:
DB’s mission is to be the leading multifamily investment group in each of their focus markets and always exceed clients’ expectations. DB is strategically aligned with both its property management group as well as its general contractor in order to provide transparency and accessibility on the asset management side. DB currently invests in 5 states, with approximately half of its portfolio based in Texas. For more information about DB Capital Management, visit www.dbcap.com.
CONTACT: Helen Qin, hsq@lcp1.com
