SOLD
The Wurzbach Portfolio consists of two separate value-add apartment communities in San Antonio, TX.
Property:
The Wurzbach Portfolio consists of 388 B-Class units across two apartment communities in San Antonio, TX. The Blair (190 units) and The Henry B (198 units) are are located just off the Wurzbach Parkway in North San Antonio. These are 1980’s built assets are located in one of the top San Antonio neighborhoods.
Strategy:
Given the premier location of these assets and their proximity to our other San Antonio properties, we had an intimate knowledge of the true value add opportunities that exist on both sites by re-branding the assets, improving management and achieve efficiencies in expenses.
Highlights:
Our business plan includes the following improvements.
Our business plan is to bring in professional management and staff, clean up operations and execute a systematic upgrade to both property interiors and exteriors. In addition, we’ve implement other value-add measures that we’ve seen prove successful at our other assets to grow yields even further.
The prior owners were an out of state family that self-managed the properties, and after the patriarch passed away they determined they didn't have time to manage these effectively.
We were able to quickly grow rents as both assets were operating with rents well below market for their high quality locations.
Additional value-add opportunities include creating reserved parking spaces, implementing trash valet and private backyards.
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