Acquisition ProfileArtist rendering of proposed development
Aura at The RimSan Antonio, Texas
Asset – 308 class-A urban-style apartments
Total Development Budget – Approximately $39 million
Acquisition Date – Feb. 18, 2014
Market – Located within The Rim, a mixed-use development just off Interstate 10, approximately 15 miles northwest of San Antonio, Texas
CNL Growth Properties owns a 54 percent interest through a joint venture with Hunt Realty Investments and Trinsic Residential Group, L.P. If the joint venture does not obtain construction financing by April 18, 2014, the REIT has the right to sell its interest in the joint venture back to the joint venture partners.