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7/25/25
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RPM Living Investments purchased Heritage Plaza, a 341-unit, Class A apartment community in downtown San Antonio, TX. The acquisition was financed with a $42 mil senior loan provided by PCCP.
Built in 2020, Heritage Plaza is located at 227 Dwyer Ave, just east of I-35. The property features modern finishes and amenities and is located one block from the San Antonio River Walk—one of the city’s most visited destinations, lined with popular restaurants, retailers, and entertainment options.
The five- and six-story property includes 307 market-rate (90% of unit mix) and 34 below-market-rate units (10% of unit mix). Its floorplans include studio (18%), one-bedroom (68%), and two-bedroom (14%) units. Units feature 10’ to 12’ ceilings, stainless steel appliances, kitchen islands, walk-in closets, and balconies or patios in each unit. Parking is provided via a six-level parking garage.
Community amenities include an expansive pool deck, outdoor kitchen and pizza oven, rooftop terraces, resident clubhouse, and a state-of-the-art fitness center. There is also 4.6k sf of ground floor retail including Kafe Krave, a daytime café that transitions to a cocktail bar in the evening.
San Antonio is one of the nation’s fastest-growing economies, supported by a diverse employment base and major companies like USAA and H-E-B. The city’s multifamily market is showing signs of recovery following a wave of new supply, with vacancies trending down and demand expected to remain strong. Central San Antonio, in particular, continues to outperform, boasting some of the metro’s highest rents and healthy absorption despite limited new development.
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