Ocean2Ocean, a San Antonio investment firm, has purchased Rainbow Hills, a 24 unit apartment community just outside of Loop 410. The San Antonio Business Journal reports that the move is part of a larger strategy for the company.
The firm is focused on urban rather than suburban properties with proximity to retail, grocery stores, and transit. Ocean2Ocean believes that the future is in urban areas as Millennials choose to live close to where they work and play, leaving their automobiles at home.
The company is going against a trend of national investment firms to purchase apartment communities in suburban San Antonio. Ocean2Ocean plans to put in about $500,000 into the property for upgrades and renovations. They will focus on making it a more family friendly community by reserving some space for yards and landscaping, adding washer and dryer hook-ups and including features that will allow people to forgo driving their cars.
The firm plans to continue to get closer to downtown as they purchase and renovate more apartment properties.