Cottages at Leon Creek

JLL has been exclusively retained to offer qualified investors the unique opportunity to purchase fee-simple interest in Cottages at Leon Creek (the “Property”), a 284-unit, 2012-vintage (2023 renovated), built-to-rent (BTR) asset in Northwest San Antonio, Texas.

Boasting an ideal location for a BTR community, the Property benefits from an infill, supply-insulated suburban neighborhood that allows tenants swift access throughout the city via I-10 and Loop 1604. The Property boasts 2 BR, 3 BR, and 4 BR units, each with multiple floorplan options. Cottages at Leon Creek is surrounded by esteemed San Antonio economic drivers and conveniently adjacent to the city’s premier entertainment destinations. Adjacent employers include South Texas Medical Center, Valero HQ, Security Service Federal Credit Union HQ, NuStar, WellMed, the University of Texas at San Antonio, and USAA HQ.

Masterfully repositioned from a student housing community in 2023, every unit has been meticulously renovated to include stainless steel appliances, farmhouse-style sinks, granite kitchen countertops, tile backsplashes, and fenced in private yards (where feasible). In addition, many lucrative value-add opportunities remain including a smart technology package, carports, bathroom renovations, and amenitizing significant green space throughout the property.

Thanks to favorable demographic trends, the Property stands to experience outsized market rent growth over the next five years. Market rent growth is forecasted to range from 2.7% to 4.0% over the next five years. In addition, rents have stayed even since it was acquired and repositioned from student housing due to an aggressive lease up schedule, leaving two years of past untapped rent growth.

In addition, the Property offers a significant discount to replacement cost with neighboring homes selling for nearly 50% more. Thus, the Property is an attractive opportunity to purchase an ideally located, well-renovated BTR community with significant value-add growth potential and beneficial demographic tailwinds.