Description de l'actif
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.
Caractéristiques de l'actif
Points clés d'investissement
Proven Value-Add Thesis
· Renovation premiums over 15%, a ~$200 increase in chunk rents.
· With only 13 of the units having received renovations, the Property offers a tremendous opportunity to drive substantial value-add income growth.
· Thanks to supply insulation and the ability to draft off Class A competitors, there is a strong argument to garner renovation premiums north of $250.
2nd Most Supply-Insulated Major Submarket in San Antonio
· While 12% of San Antonio’s existing market inventory is under construction, only 6% of the Northwest 2 submarket’s existing market inventory is under construction.
· For your true leasing competition (within a three-mile radius), only 2.5% of the inventory is under construction.
Classic Unit Finishes
- Washer / Dryer Connections (in all units)
- Cable Ready
- Ceiling Fans
- Fireplace (in select units)
- Spacious Closets
- Raised Ceilings
Current Renovation Package
- Sleek, Stainless-Steel Appliances
- Beautiful Quartz Countertops
- Designer Tile Backsplash
- Freshly Painted Cabinets
- Large Undermount Sinks
- Premium, Upgraded Fixtures
- Fresh Modern Paint
- Extended Kitchen Islands
- Luxury Vinyl Plank Flooring
- In-home Full-size Washers and Dryers
Value-Add Opportunities ($1.1M of Additional NOI Lift)
- Add Washers and Dryers
- Paint Building Exteriors
- Property Rebrand
- Smart Technology Package
- Dog Park
- Package Lockers