Presidium Group Acquires Villages of Cinnamon Creek
- Apr 01, 2014
Dallas-based Presidium Group L.L.C. announced its fourth acquisition of a residential property in the San Antonio area over the past six months. The other three apartment complexes are the 252-unit Oakwell Springs, the 81-unit Hunter’s Ridge Apartments and the 123-unit Towne Oaks apartments.
The Villages of Cinnamon Creek is a 348-unit multifamily community located on the Northwest Side, at 8722 Cinnamon Creek Drive. In close proximity are the University of Texas Health Science Center, the University of Texas at San Antonio and the national headquarters of USAA.
Transaction details have not been made public, but last year the property was assessed at $21 million. According to the Bexar Appraisal District, the previous owner of the community was F&F International Associates L.P. Presidium plans to rebrand and renovate the community in the coming months, having allocated $3 million for capital improvements. Work includes upgrades to the units’ interior hardware, plumbing, lighting fixtures and appliances. Exterior work will consist of improvements to the building exteriors, amenities and common areas.
“The Villages of Cinnamon Creek is an outstanding asset in good physical condition in one of the most desirable San Antonio submarkets,” said Presidium co-CEO Cross Moceri in a press statement. “The community is well located and performing at strong levels, with upside potential to significantly increase rental income through value-add renovations.”