Investment Thesis
The Jax is a late 90’s vintage asset with excellent value-add potential located in Northwest San Antonio, the property has access to some of the largest employers (USAA, South Texas Medical Center, HULU, Valero and UTSA ) as well Huebner Oaks and The Shops at La Canterra, two of the most premier shopping, dining, and entertainment venues that the city has to offer. The community features a large swimming pool, outdoor grilling and picnic area, 24-hour fitness center with cardio and weight machines, dog park, children’s play area, business lounge, carports and private garage parking.
Rents in the Northwest Submarket are roughly 10% higher than the metro average. With concessions dwindling, effective rent growth has been even stronger than the asking rent growth.
Units will receive upgrades including new cabinet fronts, stainless steel appliances, plank flooring, granite countertops, upgraded fixtures and lighting, tile backsplashes, as well as a technology package that includes SMART thermostats or Bluetooth locks, smart lighting, and USB outlets in the living room. This renovation package is projected to earn a $230 premium. Stainless steel appliances, tile backsplashes, and the technology package will be added for a $75 premium. In addition, highly desirable resident amenities such as fenced yards, washer dryer sets, package lockers and valet trash service will be added.
Common areas will also receive a significant facelift including updated flooring, paint and furniture in the clubhouse, updated flooring, paint and select equipment in the fitness center, brand new pool furniture and cabanas, sun shades and lighting in the main courtyard, LED lighting throughout the property and other miscellaneous items designed to enhance resident services and retention.
