The Finley_Property for Sale
The Finley_Property for Sale
5650 Grissom Rd, Leon Valley, TX, 78238-2247, US

The Finley

Asset Description

JLL has been exclusively retained to offer qualified investors the valuable opportunity to purchase fee-simple interest in The Finley (the “Property”), a 250-unit, 1984-vintage, garden-style community in the far west submarket of the San Antonio metro.


The Property is located equidistant from the South Texas Medical Center and Westover Hills, the two largest employment centers in San Antonio. In addition, the Property is only a 10-minute drive to the Southwest Research Institute, a nationally recognized research and development organization which employs over 3,100 San Antonians.


Partially renovated in 2019, the seller has upgraded 20.4% of the units (51 units) with resurfaced countertops, new vanity lighting, refaced cabinets, kitchen tile backsplash, black appliances, luxury vinyl plank flooring, and upgraded bathroom faucets. These renovated units are generating an 8.0% rental premium. In addition to completing the value-add plan, future investors can also install in-home washers and dryers thanks to the existing in-unit connections in 218 of the units.


Most notably, this opportunity boasts an assumable Fannie loan at a fixed rate of 4.91% with a current balance of ~$13.8M. Thus, future investors can mitigate capital markets risk while pursuing this opportunity.


In summary, The Finley offers an attractive opportunity to purchase a proven value-add opportunity perfectly located between two massive employment hubs with an assumable loan carrying a fixed rate of 4.91%. 

...

Attributes

Year built
1984
Year renovated
2019
Number of units
250 units
Building area net
18,047 m²
Occupancy
96%
Investment strategy
Value Add

Media

Investment Highlights

Assumable In-Place Loan at a Fixed 4.91% Rate


  • 1/1/2031 Loan Maturity
  • 4.91% Fixed Rate
  • ~$13.8M Loan Balance


Finish Value-Add Strategy to Increase NOI by $318,818


  • Current renovation package includes resurfaced countertops, new vanity lighting, refaced cabinets, kitchen tile backsplash, black appliances, luxury vinyl plank flooring, and upgraded bathroom faucets.


10 Minutes from the South Texas Medical Center, Westover Hills, and Southwest Research Institute


  • South Texas Medical Center: Home to 50,000+ stable, high-paying jobs
  • Westover Hills: Employers include Chase, Frost Bank, Microsoft, Nationwide & Wells Fargo
  • Southwest Research Institute: Employs 3,100+ San Antonians at this research and development organization serving governmental and commercial clients
The Finley 4_Property for Sale
The Finley 4_Property for Sale

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Last updated
4 Jun 2024