Available as a Portfolio or Individual Sale
Berkadia is pleased to announce the opportunity to purchase a portfolio of four well-located value add assets that individually bring opportunity for substantial revenue growth through operational upside and additional rehab programs. Current ownership has completed a wide range of well received interior and exterior renovations which will allow new ownership to capitalize on substantial revenue growth.
Ashler Oaks is a well-built garden community located in the heart of the Medical Center in northwest San Antonio. The property was built in 1968 and consists of 150 one-, two-, and three-bedroom units in a total of seven buildings on just over six acres of land. The buildings are two and three-story with a mixture of rock and brick exteriors, and all buildings have pitched roofs. Ashler Oaks has six spacious floor plans that range from 525-square-foot one-bed, one-bath units to three-bedroom townhouse units with 1,320 square feet of spacious living. Ashler Oaks currently has 103 renovated and upgraded units achieving a wide range of premiums from $75-$125. The asset also provides a unique opportunity with 15 units off line due to fire damage. Seller will complete the necessary demolition per the insurance requirements and escrow the remaining insurance proceeds to new ownership. New ownership will have the benefit of renovating 15 new units with the escrowed insurance proceeds which will set a new standard for upgraded units in the immediate area.
The Fountains is a 101-unit garden-style apartment community in San Antonio, Texas. Originally built in 1976, the property features stucco construction and composite shingle roofing materials. Unit mix for the property is made up of 37 one-bedroom apartments, ranging in size from 382 to 910 square feet, 46 two-bedroom units, ranging in size from 1,000 to 1,140 square feet, and 18 three-bedroom units, each measuring 1,476 square feet. Average unit mix for the property is 1,020 square feet. The Fountains provides the perfect proven value-add opportunity with only 26 units renovated which are achieving $75- $100 in rent premiums. New ownership will capitalize on a proven value-add program combined with additional renovations to further increase NRI. The Fountains is a true value-add asset located in one of the best rehab submarkets in San Antonio. High in-place occupancy combined with desirable townhome-style options makes The Fountains one of the best assets in this strong value-add submarket.
Sierra Royale is a garden-style apartment community consisting of 108 units located in northwest San Antonio, Texas, adjacent to the city's Medical Center District. Built in 1984 per BCAD, the property encompasses a net rentable area of 121,172 square feet. The community is comprised of 24 one-bedroom units ranging from 739 to 786 square feet and 84 two-bedroom units ranging from 1,000 to 1,468 square feet, with an overall average unit size of 1,122 square feet. Sierra Royal is a very unique asset which was originally built as a vacation resort. Current ownership has renovated the asset to be a well appointed boutique asset with large and unique floor plans. New ownership will capitalize on the opportunity to push upgrade premiums on units with older packages and run expenses more in line with market averages. There are currently 12 non- upgraded units which can receive $75-$125 over current market pricing.
Veranda is a 132-unit apartment community located between Interstate 410 and Highway 281 in San Antonio, Texas. Built in 1972, the community is situated on 4.26 acres with 92,862 rentable square feet. The 18 two-story buildings on the property were built with stone and wood exteriors with pitched composition roofs. The property features a resort-style pool with cabana, barbecue areas, fitness center, laundry room, carports, and gated / controlled access. Veranda has six spacious floor plans that range from 500-square-foot studios to two-bedroom units up to 1,102 square feet with an average unit size of 704 square feet. Veranda’s location makes it one of the best opportunities on the market today. Located in the Alamo Heights School District and adjacent to the new and rapidly growing Whataburger Corporate Headquarters, Veranda is positioned to be a premiere asset in a high-growth and very desirable submarket. Additional upside potential is available in roughly 40% of the property.