How We Grew Up

Our Story

“I am very proud to honor the disciplines and milestones that put Internacional where it is today. We still have to adapt and be innovative as this business moves forward, and it’s awesome that we have the culture that promotes it.

How we grew up? Well net-net, we are operators to the core. Our every approach is as unique as the real estate we manage. From purchase orders to zero toleration of temporary labor, our standards of procedure revolve around a true owner mindset. We grew up in the business as owners as far back as 1993, so whether we are managing for a partnership or a client, the approach is location and bottom-line driven. We have lots of tenure in our company, so the leadership executes for results Internacional has achieved time and time again.”

L. Miguel Arce, CEO

This is How it Started

Hugh L. Caraway, Jr. and Irma Caraway formed Internacional in 1993 to acquire, develop, and manage apartment communities for its own account. Shortly thereafter, Internacional developed its first project, a 160-unit luxury community in San Antonio named La Calera. The original corporate office was nothing more than the upstairs loft of an apartment community’s clubhouse and consisted of Hugh, Irma, and an accounting clerk. Together, they applied decades of real estate knowledge and experience to build a successful, dynamic organization that has since grown exponentially and includes apartment communities in major metropolitan areas across the nation. The corporate office relocated to the scenic River Walk area of downtown San Antonio in 1998. Internacional evolved into a group of companies whose disciplines include acquisitions and development, management, and investment.

The leadership of Internacional still approaches the business the same way they did back in the infancy of the organization — with attention to details, hard work, and pride in a job well done.

Net Builders


  • Texas, Oklahoma, and Florida
  • Portfolio size ~ 5,000 units
  • Capital stack – syndicated equity & HUD 221(d)(4) debt

Net Buyers


  • Texas, Florida, and Georgia
  • Portfolio size ~ 10,000 units
  • Capital stack – 1031, institutional equity & life company loans

Net Sellers


  • One-off sales through 2006, 2007, and 2008
  • Portfolio sale ~ 3,000 units January 31, 2008

Net Operational Growth


  • Texas, Oklahoma, New Mexico, Arizona, Nevada, Colorado, Georgia, Tennessee, North Carolina, and Florida
  • Portfolio size ~ 12,500 units