Presidium Acquires Two Communities in Northwest San Antonio
Both multifamily assets present value-add opportunities.
By Anca Gagiuc, Associate Editor
Windsor House Apartments is a 17-building, 322-unit property built in 1997. According to Yardi Matrix data, the community was sold by Ed White & Associates for $34.7 million, subjected to a seven-year, $26 million loan held by Freddie Mac. Located at 12222 Vance Jackson Road near the intersection of Huebner Road and Vance Jackson Road in northwest San Antonio, Windsor House is situated in an area benefiting from high occupancy and annual rent increases. Residents can choose from one- to three-bedroom floor plans averaging 1,019 square feet, while amenities feature a fitness center, business center, clubhouse, swimming pool and spa.
Spice Creek Apartments is a 20-building, 192-unit property built in 1986, in northwest San Antonio. Located on the northern edge of the expanding South Texas Medical Center district, the community is within walking distance to USAA headquarters. The asset has one- and two-bedroom floor plans averaging 735 square feet. Amenities include a clubhouse, volleyball court, swimming pool and laundry facilities.
“These properties represent great investment opportunities with tremendous upside through value-add renovations,” Presidium Co-CEO Cross Moceri said in prepared remarks. “We’re excited to grow our San Antonio portfolio. Historically, it has been one of the most economically sound markets in the country.”
Presidium plans to renovate the two properties’ exteriors and interiors, and will continue searching for opportunistic acquisitions of all asset types across Texas.
Other recent properties that have changed hands in the South Texas Medical Center district include two communities, Miranda and The Heritage, which private limited partnerships affiliated with TriVest McNeil Real Estate sold to Regional Investment & Management and CFH Investment Partners.
Images courtesy of Yardi Matrix & Presidium