Created date: October 3, 2023
Date last updated: October 17, 2023
- Fixed 3.57% Assumable Loan That Doesn’t Mature Until 2030
- $150 Premiums on Upgraded Units
- $3.5MM+ In Improvement Upside
- Current Ownership Has Spent $1.2MM+ on the Property Since Acquiring It in 2020
- Great Location on the Loop 410 & I10 Intersection for Easy Accessibility Anywhere in San Antonio
- Walking Distance to Elementary School and Multiple Retailers
The Multifamily Group is pleased to present the exclusive offering of The Ascent, a unique, value-add opportunity in San Antonio, Texas. Constructed in 1965, the property consists of 154 units averaging 668 square feet. The property offers 13 different floorplans ranging from studio, one, and two-bedroom layouts to suit any lifestyle. The property is currently 97% occupied with better occupancy rates than the Balcones Heights submarket at 92.5% (Yardi). The Ascent has an assumable loan with $7,500,000, at a 3.57% fixed interest rate, that matures in 2030. Since acquiring the property in 2020, the current owner has spent over $1.2MM.
53 units have been upgraded and are achieving $125/unit/month increases on average. The remainder should be renovated in order to attract tenants and increase rents. The upgraded units (Design/Prestige on the rent roll) include hardwood-style flooring, new electric and plumbing fixtures, a fully equipped all-electric kitchen, new countertops with backsplash, painted cabinets with brushed nickel hardware, gooseneck faucet, ceiling fans, a pantry, walk-in closets and a balcony or patio. Additionally, new ownership could install low-flow toilets, showerheads, and aerators to significantly lower water costs.
The Ascent has easy access (3-minutes) to either Northwest Loop-410 or Interstate-10 making this area highly sought after for commuting to work and family activities. The property has a great level of visibility off Babcock Road with more than 22,000 vehicles passing it per day. The Ascent is minutes away from the new $500 million development called The Rock at La Cantera and will house the new Spurs training facility which is expected to bring in 1,700 new jobs to the area. The asset is within walking distance of an elementary school, a Dollar General store, Chevron, Shell, two local restaurants, and a barber shop. It is less than 3-miles from HEB, Walmart Supercenter, Home Depot, and Starbucks. Just 15-minutes away is the sprawling RIM Shopping Center with diverse brand-name stores, restaurants, and a multiplex cinema. The Ascent is 7-miles from San Antonio International Airport.
San Antonio is widely known as a favorite vacation destination, with more than 37 million people visiting the city annually. The city has a rich culture and history, a growing culinary and cocktail scene, various exciting attractions, and many unique events throughout the year. Currently, over 2.6 million people live in the MSA, and San Antonio is the 7th most populous city in the United States. In May 2023, the city was ranked the 3rd fastest-growing city in the U.S. The vibrant city’s star attractions are the Alamo and the miles-long River Walk lined with cafes and shops. The San Antonio River Walk is the #1 attraction in Texas. There are also four other Spanish colonial missions to tour, Six Flags Fiesta Texas, and the Tower of the Americas. Because of the volume of tourism in San Antonio leisure and hospitality rank 12.2% in economic drivers.