By D.C. Stribling
Electra America and its management affiliate Robbins Electra have acquired Pecan Springs, a 344-unit garden-style community on the far north side of San Antonio, for an unspecified price. Electra plans to add washers and dryers to all units and upgrade other amenities to be competitive with other properties in the market.
Built in 2013, Pecan Springs features one-, two- and three-bedroom units with average effective rents of $1,025. Common amenities include a resort-style swimming pool, fitness center, dog park and dog wash, and gated access. The property is currently 95 percent occupied.
“The San Antonio market has strengthened significantly since we placed the property under contract in May,” said Christine DeFilippis, Electra America’s chief investment officer. “This particular submarket has successfully absorbed the 2,800 units delivered between 2010 to 2016, or 49 percent of the inventory.”
The property is at 5511 Pecan Springs Road, near the junction of I-10 and Loop 1604, which is a major thoroughfare around San Antonio, especially on the north side of the metro area. “It was advantageous for us to gamble on this submarket at a risk-adjusted basis, to now realize the rent-growth opportunities,” said DeFilippis.
With this acquisition, Electra America now owns five apartment properties in metro San Antonio. With over 60 properties in Texas, Florida, Georgia, North Carolina, Virginia and Maryland, the company’s portfolio contains more than 22,500 units.