Apartment purchase and improvement in San Antonio, TX
- Number of Units 232
- Rating B
- Structure Equity
- Projected Holding Period 5 years
- Projected Annual Dividend 10.3%
- Projected Annual Total Return 16.9%
At the Peppermill property, rent growth has averaged over 4% annually and occupancy has consistently outperformed the market and submarket. The business plan for the property is to renovate 75% of the units with new appliances, refurbished cabinets and countertops, new hardware, light fixtures, flooring, plumbing fixtures and decorative kitchen backsplashes as well as a new coat of paint. Amenity upgrades include an outdoor kitchen, basketball court resurfacing, dog park improvements, covered parking, private dog yards, and efficiency upgrades that will save money on electricity and water utilities. Property exterior improvements include patio/balcony upgrades with a full property repainting, parking lot sealing and restripe, landscape upgrades, and the installation of new perimeter fencing and property signage. The property is located on University City Boulevard at the busy intersectionof Hwy 218 and less than half a mile from Loop 1604 and I-35. I-35 is the primary north-south freeway connecting San Antonio to Austin and Dallas/Fort Worth, and 1604 serves as San Antonio’s outer loop. The location provides residents of Peppermill with excellent access to the CBD, Randolph Air Force Base, the nearby airport, and access to two major freeways.