SAN ANTONIO-Mosaic Residential has made its first buy in the Alamo City, purchasing the 248-unit Dove Valley Ranch in an off-market transaction. The Houston-based buyer declined to disclose the purchase price, but indicated that it was well below the market average of $68,600 per unit for multifamily sales.

Mosaic Residential partnered with New York City-based Praedium Group to acquire the class A- apartment community from Agape Northwest Housing Inc., a local firm. The purchase marks the first deal between the two investors, according to Jay O’Connor, founding partner of Mosaic Residential.

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