Description

JLL has been exclusively retained to offer qualified investors the unique opportunity to purchase fee-simple interest in Rock Canyon Apartments, a 256-unit garden-style community ideally located in Northeast San Antonio off Wurzbach Parkway, offering direct access to I-35 and US-281, two of the city's most prominent thoroughfares. The property sits within a submarket facing a near-total supply shut-off; only one project is currently under construction within a one-mile radius, the first to deliver since 2024, insulating Rock Canyon from new competitive supply for the foreseeable future.

Built in 1984 on 9.78 acres, the property has benefited from long-term institutional ownership and minimal deferred maintenance, a rare combination for this vintage and asset type. Rock Canyon offers clear, proven value-add potential: nearby renovated comps such as Tacara at Crosswinds are achieving rent premiums of roughly $216 on one-bedroom units and $349 on two-bedroom units, evidencing substantial upside through unit interior upgrades. The offering also benefits from broader San Antonio market tailwinds, including record-low construction starts (just 1,602 units projected to deliver market-wide in 2027 against a 10-year average of 11,000), a rent-to-income ratio among the lowest of the top 30 U.S. metros, and a widening cost gap between renting and homeownership that continues to push renter demand. In sum, Rock Canyon presents a well-located, insulated, value-add opportunity in a supply-constrained San Antonio submarket with meaningful upside as market fundamentals continue to recover.

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