2500 McColl is a 142 unit multi-family property located in McAllen, Texas. Acquired in March 2021, this property was built in 2 phases in 2017 and 2019. At the time of acquisition, the property’s occupancy was 95% and rents were below market. Since the property is relatively new, there is very little capital improvement budget and the focus will be on efficient operations and expense control.
Algarita Lakeside is a 293 unit multifamily property located in San Antonio, Texas. The property was built in 1985 and includes a beautiful lake stocked with fish for residents catch and release enjoyment, 3 resort style pools, lakeview fitness center and a pet wash room. At the time of acquisition in July 2021, the occupancy was at 91%. The San Antonio market continues to experience population growth. Algarita is centrally located to San Antonio’s major employment centers including the Joint Base San Antonio – Fort Sam Houston.
Cabana on Everhart was built in 1975 with 207 total units and is situated on a 10.35 acre site in Corpus Christi, Texas. The property is located 1.2 miles from CHRISTUS Spohn Hospital- South; CHRISTUS Spohn Health System is the largest private employer in Corpus Christi with over 5,000 employees. The population within a 3 mile radius is 117,594 and has grown 12% from 2010-2018.
Collection at Overlook is a 411 unit multifamily property. It was built in 1984 and is located east of I-10 in northwest central San Antonio, Texas. This location provides residents easy access to downtown in 15 minutes and major shopping at The Rim and Shops at La Cantera only 10 minutes away. Collection at Overlook was acquired in October 2020 and had an occupancy rate of 95% at that time. Extensive unit renovations and light exterior and common area improvements will bring this property up to market standards.
Purchased in October 2021, the Melia Apartments are located in San Antonio, Texas. The property is a 300 unit multifamily complex built in 1976. Planned capital upgrades will provide quality units at an affordable rent. At the time of acquisition, it was over 97% occupied. Melia is located near prime shopping with easy access to Loop 410 and I-10.
Star Club Apartments located in San Antonio, Texas is a 321 unit multifamily property. It was built in 1975 and will receive cosmetic updates and cure any deferred exterior maintenance. This property was acquired in September 2021 and had a 92% occupancy rate at that time. The location provides easy access to Loop 410 and I-35. This complex boasts larger than average unit size and highly sought after 3 and 4 bedroom units.
The Cove is a 264 unit multi-family property built in 2017 in Ingleside, Texas. Ingleside sits just north of the Corpus Christi Bay and was acquired in June 2021. Since the property is relatively new, no significant capital expenditures are planned. The focus will be on effective operations, realigning the rent with the market, reducing the number of corporate units and eliminating Airbnb units. The complex boasts many amenities including a luxury resort style pool with clubhouse, outdoor recreation area, fitness center and dog park. At the time of acquisition, The Cove was at 92% occupancy.
The Villages at Paso Real in San Benito, Texas, near Harlingen is a 180 unit multi-family property built in 2010 and 2012. Acquired in June 2021. The complex requires only light cosmetic renovations. The Villages at Paso Real offers covered parking, pool, fitness center, clubhouse and playground. Villages was at 96% occupancy at the time of acquisition.
This is a 176 unit multi-family property located in Laredo, Texas. Windsor Place was built in 2002 and is in an excellent location. At the time of acquisition in April 2021, it was 100% occupied and 65% of the units had been updated and the remaining units were scheduled to be updated. Windsor Place offers amenities that include a pool, pet park, community BBQ area and fitness center.
Woodside built in 1982 and Bridle Path built in 1974 is a 311-unit property. Conveniently located in Seagoville, Texas, with close proximity to I-20 and Highway 175 and 14 miles from downtown Dallas. Due to its age, a sizeable capital improvements budget was planned. This property was acquired in May 2021.