A commercial real estate investment firm based in Miami, Fla., that specializes in “multifamily, office and retail assets throughout the southeastern United States” has purchased a residential multifamily community in downtown San Antonio.

The firm, known as Constellation, has purchased 120 Ninth St., a 220-unit, five-story property, NewsTalk Texas said. Monthly rents are from $1,180 to $2,804 among the property’s one- and two-bedroom units.

Constructed in 2019, the 220-unit Class A residential multifamily community is of “midrise” construction with structured parking, Constellation’s website said. 

“We seek to identify high-quality properties in locations with a clear and sustainable path towards growth and value creation,” Constellation’s website said. “Constellation seeks to identify asset classes within or abutting metro areas with desirable living conditions and strong demand drivers.”

The property at 120 Ninth St., which according to the Bexar County Appraisal District has an appraised value of $42 million, is on the River Walk near Pearl.

A historical district that was a “brewery from the early 1880s until 1999,” the Pearl is culture hub in San Antonio, the Pearl’s website said. The River Walk is a public park that “spans a 30-mile loop via walkways that go through downtown.”