Virtus Real Estate Pays $62M for Baldwin at St. Paul Square Leasehold
Virtus Real Estate Capital acquired a leasehold interest in the 271-unit Baldwin at St. Paul Square apartments in San Antonio. The Austin private equity firm is paying $62 million for the property at 239 Center Dr., on the east side of downtown San Antonio.
The sale was approved by the San Antonio Housing Trust Public Facility Corp., which will remain owner of the land for the next 72 years. The arrangement means the complex is free from property tax, so long as Virtus continues reserving half the units for those earning 80% or less of the area median income.
The property, co-developed by the NRP Group, opened in 2018, with units averaging 855 square feet. Market rates average $1,434 per month, and the complex is currently 97% leased.
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