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May 19—The Connor Group, a Miami Twp.-based real estate investment firm, entered the San Antonio, Texas market last week with the acquisition of an apartments community in that city.
Financial details in the acquisition of the 314-unit property were not disclosed.
"The acquisition of The Reserve at Canyon Creek presented a unique opportunity to expand in the region thanks to our long track record of success in the nearby Austin market," founder and managing partner Larry Connor said in a release. "In the midst of continued market turmoil, we continue to find incredible buying opportunities that fit our model both in Texas and across each of our 16 markets."
The Reserve at Canyon Creek is one of $703.6 million transactions the Connor Group has closed or placed under agreement this year.
"We continue to take an aggressive but disciplined approach in all of our markets, which has put us on pace for another record-breaking year," Connor also said. "We are currently on pace to close more than $2 billion in transactions for the first time in company history."
The firm's business model involves finding apartment properties nationwide that company leaders believe are poised for future appreciation. They acquire the properties, focusing on improvements, then sell them when the time is right.
Founded in 1992, the company today has $3.3 billion in assets. The business owns and operates 45 luxury apartment communities in 16 markets, and it's pace to close more than $1 billion transactions for the third consecutive year.