Objektbeschreibung
JLL has been exclusively retained to offer qualified investors the unique opportunity to purchase fee-simple interest in The Winston (the “Property”), a 112-unit, 1981-vintage apartment community located in San Antonio, Texas. This garden-style asset offers impeccably well-maintained one- and two-bedroom apartments featuring premier renovations with new cabinets, thick granite countertops, stainless steel appliances, retiled two-tone showers, oversized closets, farmhouse sinks, gooseneck faucets, and expansive balconies. The Winston boasts incredible pride of ownership with recent capital expenditure projects including a recently replaced boiler, beautifully pruned oak trees, pavestone block retaining walls, a freshly striped and sealed parking lot, Leaf Guard gutters, and recently replaced roofs and Hardie plank siding. The Winston also features a full amenity set including multiple picnic areas with high-quality turf, craftsman-style pergolas, covered grills, a fitness center, a spacious resident business center, and a sparkling-clean pool. The Property is prominently positioned in one of San Antonio’s most proven and reliable value-add submarkets. Located just off Blanco Road and Wurzbach Parkway, The Winston offers quick access to all North Central San Antonio’s amenities including Alon Town Centre, the Salado Creek Greenway, North Star Mall, and the San Antonio International Airport. The Winston’s immaculate condition and proximity to established economic and entertainment hubs makes it one of the most desirable 1980s assets in the San Antonio metro.
Eigenschaften
Medien
Investment-Highlights
Unmatched Pride of Ownership
The Winston offers investors a “turnkey” asset with virtually no deferred maintenance thanks to 12+ years of diligent ownership. Recent capital expenditure projects include:
- Recently replaced boiler (2019)
- Multiple high-quality turf picnic areas with built-to-last tables (2019-2023)
- Roofs replaced on all buildings (2017)
- Oversized, covered grills (2019-2021)
- Craftsman-style pergolas (2019-2021)
- Recently replaced and painted Hardie plank siding (2017-2018)
- Fresh sod with TifTuf drought tolerant grass (2023)
- Gorgeous, pavestone block retaining walls (2016-2022)
- Freshly painted metal railings (2023)
- Leaf Guard gutters (2017)
- Pool area wrought iron gates & fencing (2021)
- Beautifully pruned Texas oak trees (2022)
- 102 concrete stair tread replacements (2018)
- New central air systems in all 112 units (2011)
- Freshly seal coated and striped parking lot (2023)
Over $2.1 million spent on capital improvements since 2011.
Top-of-Market, Twice Renovated, Value Add Program
All 112 units were renovated in 2011/2012 in accordance with the following program:
- Frigidaire stainless steel appliances
- Faux-wood vinyl plank flooring
- New Price Pfister faucets in kitchens and bathrooms
- Resurfaced kitchen and bathroom countertops
- Updated hardware: doorknobs, light fixtures, and blinds
- Stainless steel ceiling fans
42 units have been re-upgraded (as of May 10th, 2023) in line with the following plan:
- Thick, new granite countertops
- Gorgeous ceramic tile backsplash
- New kitchen and bathroom faucets and sinks
- Quality kitchen, bathroom, and dry bar cabinets
- Sturdy cabinet doors and drawer pulls
The Winston offers investors the opportunity to push rents by nearly 16% by only spending ~$5,000 per unit on revenue generating improvements.
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