Specific prices could not be obtained, but similar class B assets have traded between $35,000 and $45,000 per unit. CB Richard Ellis Sean Cunningham, vice chair with the company's Phoenix operation and Austin-based vice chair Charles Cirar represented Aimco in all transactions. Both brokers declined requests for interviews, citing confidentiality, and calls to the Denver-based seller were not returned by deadline.

However, a source familiar with all three deals tells GlobeSt.com that the transactions were value-add plays. "These are all mid-1980s properties in north-central San Antonio, which is fast becoming infill," says the source, who was uninvolved with the deals.He says with San Antonio's population moving north, the area between Interstate 410 and State Highway 1604 is undergoing a great deal of growth. The area also benefits because U.S. Highway 281 meanders through it. All of that is attracting developers and people.

"For example, you have the Alon Town Center, a huge retail development, going up not far from Cape Cod," he says. "We're seeing a lot of that happening between 410 and 1604."

As a result, he goes on to say, the buyers likely snagged the property with current and future growth in mind. "These investors are betting on more development in that sector," the source says. "The idea is to buy these apartment buildings and spruce them up, gambling that people will be interested in living inside of 1604."

The 95%-occupied Cape Cod Apartments has one- and two-bedroom units measuring from 550 square feet to 956 square feet. Monthly rents are between $515 and $906. Mesa Ridge, at 94% occupancy, has one- and two-bedroom apartments ranging between 520 square feet and 992 square feet, with rents between $534 and $804 per month.

Stratford has one-, two- and three-bedroom units measuring between 678 square feet and 1,516 square feet. The monthly rents for the 94%-occupied complex are from $562 to $1,099.