The Lookout at Comanche Hill

Potential apartment purchase in San Antonio, TX


Summary

  • Number of Units 150
  • Year Built 2016
  • Structure Equity
  • Projected Holding Period 3 years
  • Projected Annual Dividend 7.1%
  • Projected Annual Total Return 14.2%

Investment Thesis

The Lookout at at Comanche Hill is located on Nacogdoches Road a major six-lane divided thoroughfare with excellent access to Loop 1604 (San Antonio’s outer loop) and Interstate 35. The location is within walking distance to three anchored retail centers at the intersection of Nacogdoches and O’Connor Road. The Lookout at Comanche Hill is located in the Northeast submarket, one of the best in San Antonio. A number of large employers can be found within 6 miles of the property including three hospital systems employing over 17,000, USAA employing 16,000, CPS Energy employing over 3,000 and IHeartMedia employing over 2,800.  Additionally, the San Antonio International Airport is just a few miles away and drives over 97,000 jobs throughout the city.  Rents in the submarket have increased from an average of $.95/sf in 2015 to $1.12/sf today.  Growth over the next three years is expected to outpace the overall market (Source: CoStar).  Over the past year, rental income has grown at over 7% and is expected to enjoy continued growth as all new construction in the area has achieved stabilization. The asset has been cared for, keeping deferred maintenance to a minimum.  The business plan is to upgrade all units with fine-tuning improvements including kitchen backsplashes, 2-inch window blinds and in-unit technology packages.

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