u201cUpon foreclosure, Ocwen immediately instituted a rigorous capital improvement program which resulted in the property being repositioned and ultimately very well received in the open market,u201d Rogers says.

SAN ANTONIO–Florida-based Ocwen sold Springwood Apartments to Calton Investments. The purchase price for the 176-unit apartment community was not disclosed.

Located at 1400 Gardina St. in the Northeast of San Antonio, Springwood Apartments was built in 1984 and went through foreclosure in March 2012.

“Upon foreclosure, Ocwen immediately instituted a rigorous capital improvement program which resulted in the property being repositioned and ultimately very well received in the open market,” says Jeff Rogers of Transwestern’s Multifamily Capital Markets Group.   

Ocwen instituted interior and exterior renovations such as new roofs, exterior painting and landscaping. Nearly all the units received between $3,000 and $5,000 worth of renovations

Transwestern’s Chris Stutzman says, “with Calton’s own vast experience in repositioning projects coupled with their expert level of self-management, Springwood will continue to see strong occupancy and rent growth. Residents seeking an affordable close-in apartment home will be drawn to Springwood’s location, interior finishes, and impressive amenities.”