San Antonio—Draper and Kramer Inc. has expanded its presence in the San Antonio market with the acquisition of The View at Encino Commons Apartment Homes, a 324-unit rental property in the Stone Oak area of the far north-central part of the city. Located at 21303 Encino Commons Blvd., the property includes 27 two-story residential buildings with a mix of one-, two- and three-bedroom units, as well as a separate clubhouse/leasing center.
The property was developed in 2002 as this part of San Antonio, north of the traditional core of the city, expanded rapidly. The View at Encino Commons’ units range from 677 square feet to 1,497 square feet, with private ground-level entries, open floor plans, nine-foot ceilings, and attached garage parking.
Common amenities include a resort-style pool with a covered pavilion, adjacent kitchen and grilling area, and outdoor televisions. The clubhouse features a resident lounge, entertaining kitchen, theater room, business center and Internet café, and fitness studio.
“With population and job growth fueling strong absorption rates, San Antonio is an ideal investment opportunity for us,” said Forrest D. Bailey, president and CEO of the Chicago-based Draper and Kramer. “We first entered this market last year with the acquisition of Sonterra Blue, another community in Stone Oak, and we sought out additional opportunities in the same area to gain economies of scale.”
Draper and Kramer’s planned renovations to the property include updates to unit interior finishes, and its clubhouse, fitness center and business center will receive modest makeovers featuring new furnishings and equipment. “Encino Commons is especially attractive from a value-add perspective, because we’ve seen the proven value of similar renovations at other properties in this area,” said Bailey. “Our renovation program will bring the property to a level that will match the expectations of renters moving to this area.”
Draper and Kramer will take over management of the property through its residential management division, which currently has a portfolio of more than 10,000 rental units in Chicago, St. Louis, San Antonio and Minneapolis.