Outstanding Value-Add Opportunity – A new investor will continue and expand the proven unit enhancement program on the remaining 70% to achieve a premium of $195 per month, in addition to other income opportunities and enhancing outdoor amenities.
Convenient Access to Major Employers – The property provides excellent connectivity to the city and all major employment centers through Highway 281 and Loop 1604. Notable employment centers include Stone Oak Medical Center (3,400+ employees), South Texas Medical Center (57,000 jobs), USAA (18,000 employees), JPMorgan Chase (5,000 employees), iHeartMedia campus (18,300 employees), and downtown San Antonio.
Located in Top-Performing Submarket with Strong Rent Growth Trends – The property experienced 5.3 percent combined lease trade out in 2Q2020 and has averaged 96 percent occupancy over the last four years. The immediate submarket has experienced exceptional rent growth in the trailing four quarters, above four percent on average (RealPage Data). In addition to the strong rent growth, rent collections have averaged above 97% since April.
Institutionally Owned and Well-Maintained Asset – Ownership recently completed a brand-new clubhouse, office and events room. In addition to the recent common area renovations, the property is well-maintained which allows new ownership to focus on value-add opportunities that will immediately increase revenue.