Foley Represents Sapphire Partners in $31M Acquisition of Diamond Ridge

Foley & Lardner LLP represented Sapphire Partners (Sapphire) in its $31 million acquisition of Diamond Ridge, a residential apartment community in San Antonio, Texas.

Diamond Ridge marks Sapphire’s fourth acquisition in San Antonio since 2020 and their second within the South Texas Medical Center, which supports over 50,000 employees within just a few miles of the property. The acquired community boasts 304 units and related amenities including a clubhouse, fitness center, resort-style pool, picnic areas with grilling stations, playground, and pickleball courts.

Sapphire is a multifaceted investment firm that operates, manages, and consults on commercial real estate throughout the United States. Sapphire operates under an “interests-aligned” mindset, meaning they only work on projects where their responsibility to increase a property’s value corresponds with the tenants’ desire for a better space.

The Foley deal team representing Sapphire Partners included partner Steve Szabo and associate Dakota Woll.