Alamo Estates
San Antonio, TX - Attractive Loan Assumption
Occupancy 91% as of 4/2/24
Preleased to 94%
Property Overview
Summary
- OFFER PRICE Cash to the Existing Loan
- YEAR BUILT/RENO. 1974/2020
- TOTAL RENTABLE SF 164,785
- AVERAGE SF 792
- TOTAL # OF UNITS 208
- AVERAGE RENT $966
- LOT SIZE (ACRES) 9.64
- FIXED INTEREST RATE 4.21%
- MATURITY DATE October 2031
- LOAN BALANCE AS OF 3/1/24 $11,044,541
Investment Summary
Alamo Estates Apartments is a renovated 208-unit multifamily community located in the Camelot submarket of San Antonio, Texas. The garden-style property was built in 1974 and is comprised of two-story apartment buildings constructed of masonry / brick with hardi siding and pitched roofs. Alamo Estates offers a variety of spacious and contemporary one-, two-, and three-bedroom residences featuring fully equipped kitchens, wood-style flooring, and private patios / balconies. Common area amenities include a resort-style swimming pool, an outdoor kitchen, a clubhouse, a fitness center, and laundry room. The grounds span 9.64 acres and feature a lush, mature landscaping.
Investment Highlights
▶ Alamo Estates is being offered as a loan assumption at 4.21% fixed rate through October 2031– well below current market rates.
▶ Excellent location with great access to 410 Loop, I-35 and I-10 and a multitude of great paying jobs including HEB Distribution Centers (multiple), Walmart Supercenter, Home Depot, and Amazon Fresh Food DC.
▶ Outstanding value add opportunity with 168+ units not upgraded and additional rent growth potential via addition of washer/dryer, technology package, and package locker – implementation of these strategies could yield $595,000 in additional revenue.
▶ Current owners spent close to $1.8mm on Capital Improvements, mainly on modernizing exterior and adding amenities.
▶ Alamo Estates has a resort-type feel with lush landscaping, beautiful pool, fitness center overlooking pool, outdoor kitchen grilling station with pavilion plus a new dog park and playscape.
▶ Rents are approximately $200 below market which should yield additional rent and NOI.
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