San Antonio—In a joint venture, Tryperion Partners and Presidium Group have acquired Oakwell Springs, a 252-unit apartment community in San Antonio. The property is located in the desirable Northeast submarket of the Alamo City.
Under the partnership, Oakwell Springs will benefit from renovated unit interiors, enhanced resident amenities and upgraded common areas and landscaping. Interiors will be renovated to include new appliances, new cabinetry hardware, new bathroom fixtures and upgraded flooring. Outside, building exteriors will be refurbished and the pool area and fitness center will be improved.
“The partnership was attracted to the desirable location within San Antonio and the potential to meet the area’s increasing multifamily demand through a focused renovation strategy to create a high-quality residential community in which tenants are excited to live,” Tryperion partner Eliot Bencuya tells MHN.
Presidium Group, which owns and operates more than 6,000 apartment units in Austin, Dallas, Houston and San Antonio, has a local presence, a track record of similar projects and a strong management team to implement the business plan and offer an appealing resident experience, Bencuya adds.
Tryperion Partners is a Los Angeles-based private real estate investment firm focused on value-add office, retail, hospitality and multifamily investments in secondary markets across the Western United States.
“We are eager to partner with Presidium,” says Tryperion partner Joseph Kessel. “They bring a unique skill set that will maximize the potential of Oakwell Springs.”
Presidium co-chief executive officer Cross Moceri says his company is pleased to form a relationship with the Tryperion team.
“We see immense potential in Oakwell Springs, and the San Antonio market as a whole,” he notes. “It is an ideal opportunity to use our collective experience repositioning this property into a vibrant residential community.”
Adds Bencuya: “New ownership means that Oakwell Springs will provide San Antonio and is residents with quality housing, proactive management and a positive contribution to the local community.”