La Mirage - 2023 Sale

JLL has been exclusively retained to offer qualified investors the unique opportunity to purchase fee-simple interest in La Mirage (the “Property”), a 280-unit, 2000-vintage, premium value-add community in San Antonio, Texas.

Access the Deal Room Documents via Revere at: https://platform.reverecre.com/project/529295b8-62d3-4c9d-8643-cc9a5497cebb

La Mirage is perfectly positioned at the population center of Northwest San Antonio, sandwiched between a growing University of Texas San Antonio system and the 50,000+ employee South Texas Medical Center employment hub. The Property’s location at Eckhert Road and Babcock Road boasts easy access to San Antonio’s major employers and economic drivers, including UTSA, the RIM, Valero, La Cantera, USAA, and the South Texas Medical Center.

As one of only five 2000s-era multifamily assets within a one-mile radius of the medical center, the Property offers an attractively rare, premium value-add investment opportunity. Only 13 units (4.6% of units) have been renovated with stainless steel appliances, quartz countertops, and tile backsplash. Renovated units have been generating rental premiums of 16% on average, a strong proof of concept for future operators.

In addition, lease renewals have averaged 19% rent bumps and new leases have averaged 24% rent bumps since September of 2021. Overall, in-place rents have grown by more than $200 since September of 2021. Further promoting future rent growth is the Property’s superior level of supply-insulation, with only 2.5% of the inventory in a three-mile radius being under construction.