**Bay Heights, Oakwood Acquire San Antonio Apartment Community with Planned Turnaround**
Bay Heights Capital, in partnership with Oakwood Capital, has completed the acquisition of Fredericksburg Place Apartments, a 224-unit multifamily community located in San Antonio, Texas, for $14.7 million.
The property was purchased from Benefit Street Partners, who assumed ownership through a foreclosure process in 2024. This marks a notable discount from its previous sale in 2021, which reflected a significantly higher valuation. The transaction highlights both the current condition of the asset and the potential for value creation.
Fredericksburg Place Apartments represents a strategic value-add investment for the Bay Heights–Oakwood joint venture. The new ownership plans to invest heavily in renovations and operational improvements, reintroducing the units to the market within the next 6 to 12 months. Once stabilized, the property is expected to contribute much-needed workforce housing in a high-demand, supply-constrained area of San Antonio.
