14200 Vance Jackson Rd, San Antonio, TX, 78249-1896, US

NOVA - 2024 Sale

Asset description

Located in Northwest San Antonio, NOVA (the "Property") is a 412-unit asset constructed in 2009 and offers a premium value-add proposition at a substantial discount to replacement cost.

NOVA's timeless construction quality enables renovated units to compete with nearby class A properties. In total, current ownership has renovated 195 units, leaving 217 units either partially renovated by previous ownership or untouched classic units. Renovated unit premiums are as high as 21% compared to classic units. New ownership can increase revenue by adding additional carports and garages, installing washers and dryers in all units, adding package lockers and more. The Property sits at a major discount to replacement cost in part due to the stucco exteriors, two pools, tuck-under garages, low-density design (13 units per acre) and dual-patio units.

Boasting an ideal location, the Property benefits from an infill, supply-insulated neighborhood where only 2.4% of existing inventory in the submarket is under construction. NOVA benefits from quick access to I-10 and Loop 1604 and is conveniently adjacent to The RIM and La Cantera districts.

Nearby employers include the South Texas Medical Center, the Security Service Federal Credit Union HQ, the Valero HQ, NuStar, WellMed, the University of Texas at San Antonio, and the USAA HQ. The RIM and La Cantera districts offer numerous lifestyle amenities including Top Golf, The Shops at La Cantera, Chicken N Pickle, and The Rock at La Cantera – the San Antonio Spurs brand-new $500 million training facility with a public plaza, fine dining, park space, and medical office.

...

Attributes

Units

412

Occupancy

95%

Year built

2009

Building area net

564,819 sf

Land area net

30.99 acres

Media

Investment highlights

Timeless Construction Quality Enables Renovated Units to Compete with Class A Rents

NOVA boasts competitive units with effective rents 12.2% below competitor market rents, allowing substantial room for rent growth.
Renovated unit premiums are as high as 21% compared to the classic units.

Supply-Insulated Submarket

In the North Central 2 submarket, only 2.4% of existing inventory is under construction (706 construction units / 29,231 existing units). Thus, with the ability to purchase NOVA at a substantial discount to replacement cost, buyers are well positioned to experience above-average rent growth throughout their hold period.

Premium Value-Add Opportunity at Major Discount to Replacement Cost

Community amenities include two resort-style pools, BBQ stations, business center, half-mile crushed granite jogging trail, pet wash station, two dog parks, state-of-the art fitness center, well-appointed clubhouse, and a separate leasing center.