The Redland has a resort-style swimming pool on the property.
Courtesy of Bascom
A Houston real estate group has bought San Antonio apartments in Stone Oak that are nearly 20 years old from a California company. Ilan Investments out of Houston purchased a 276-unit apartment complex called The Redland from California-based investment firm Bascom Group, according to a Tuesday, March 21, news release.
Bascom purchased the apartments at 18979 Redland Road, San Antonio, TX 78259, in January 2017. Newmark, the company that oversaw the purchase of the apartments, didn’t disclose the price. The apartments were last appraised at $39.9 million, according to Bexar County records. Those records also say that The Redland was built in 2006.
Bascom said the apartments presented “an upgrade opportunity” for the apartment interiors when the group bought the property in 2017. Ilan Investments didn’t say in the news release whether it plans to upgrade any part of the apartments, which were 93% occupied at the time of purchase.
Ilan Investments owns seven other apartments in the San Antonio area, including The Ravinia Apartments that are also in the Stone Oak area. The Redland would be the eighth multifamily property that Ilan Investments owns in the area. The Redland website says the apartments offer amenities like a dog park, a basketball court, a resort-style swimming pool, and a fitness center. The property manager, Adara, is also based in Houston.
The monthly rent currently ranges from $1,160 to $2,008, according to Apartments.com
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