Cordoba is a Class B property built in 1980. This is an exceptional opportunity to acquire 260 value-add units strategically located in the high-growth submarket of Northwest San Antonio. The sheer proximity to San Antonio’s employers and entertainment provides stable apartment demand. Additionally, apartment inventory is at a historical low, contributing to high submarket rent growths of 12.5% YOY 2021 and forecasting rent growth of >6%. Previous ownership has spent $1.79 million in major cap ex projects like roofs, leasing office, exterior and common area upgrades. We have the opportunity to continue and expand the unit enhancement by converting Eff to 1 bedrooms and updating the remaining 91 units to bring rental income up to proforma. Other value add programs we plan to implement are preferred parking program, internet/cable bundle bill back, and a package service. Finally, by hiring a professional management company, we can implement various other management strategies to maximize efficiencies and increase the NOI significantly.
- 260 Unit, Class B Multifamily Asset in San Antonio, TX
- 7% Preferred Return
- Projected Multiple of 1.85-2.0x over 5 Year Hold
- $50,000 Minimum Investment
- 506(b) – Open to Accredited & Non-Accredited Investors
- Funds Due by November 1, 2021