La Mirage

2000s-era Premium Value-Add Community in San Antonio’s Highly Favored Medical Center Submarket

Deal Type: Acquisition

Risk Profiles: Value-Add

Property Types: Multifamily

NEW OPPORTUNITY from the CENTRAL TEXAS MULTIHOUSING TEAM

La Mirage  |  8050 Oakdell Way  |  San Antonio, TX  |  78240

CALL FOR OFFERS - THURSDAY, SEPT 21

JLL has been exclusively retained to offer qualified investors the unique opportunity to purchase fee-simple interest in La Mirage, a 280-unit, 2000-vintage, premium value-add community in San Antonio, Texas.

 

La Mirage is perfectly positioned at the population center of Northwest San Antonio, sandwiched between a growing University of Texas San Antonio system and the 50,000+ employee South Texas Medical Center employment hub. The property’s location at Eckhert Road and Babcock Road boasts easy access to San Antonio’s major employers and economic drivers, including UTSA, the RIM, Valero, La Cantera, USAA, and the South Texas Medical Center.

 

As one of only five 2000s-era multifamily assets within a one-mile radius of the medical center, La Mirage offers an attractively rare, premium value-add investment opportunity. Only 13 units (4.6% of units) have been renovated with stainless steel appliances, quartz countertops, and tile backsplash. Renovated units have been generating rental premiums of 16% on average, a strong proof of concept for future operators.

 

Since September 2021, lease renewals have averaged 19% rent bumps, new leases have averaged 24% rent bumps, and in-place rents have grown by more than $200. Further promoting future rent growth is the property’s superior level of supply-insulation, with only 2.5% of the inventory in a three-mile radius being under construction.

PROPERTY SUMMARY

INVESTMENT HIGHLIGHTS

Proven Value-Add Thesis

  • Renovation premiums over 15%, a ~$200 increase in chunk rents.
  • With only 13 of the units having received renovations, the property offers a tremendous opportunity to drive substantial value-add income growth.
  • Thanks to supply insulation and the ability to draft off Class A competitors, there is a strong argument to garner renovation premiums north of $250.

 

Second Most Supply-Insulated Major Submarket in San Antonio

  • While 12% of San Antonio’s existing market inventory is under construction, only 6% of the Northwest 2 submarket’s existing market inventory is under construction.
  • For your true leasing competition (within a three-mile radius), only 2.5% of the inventory is under construction.

$1.1M OF ADDITIONAL VALUE-ADD OPPORTUNITY

Classic Unit Finishes

  • Washer / Dryer
    Connections (in all units)
  • Cable Ready
  • Ceiling Fans
  • Fireplace*
    (*select units)
  • Spacious Closets
  • Raised Ceilings

 

 

Current Renovation Package

  • Sleek, Stainless-Steel Appliances
  • Beautiful Quartz Countertops
  • Designer Tile Backsplash
  • Freshly Painted Cabinets
  • Large Undermount Sinks
  • Premium, Upgraded Fixtures
  • Fresh Modern Paint
  • Extended Kitchen Islands
  • Luxury Vinyl Plank Flooring
  • Full-size Washers & Dryers

Value-Add Opportunities

  • Add Washers & Dryers
  • Paint Building Exteriors
  • Property Rebrand
  • Smart Technology Package
  • Dog Park
  • Package Lockers
  • Cable / Internet Income

 

 

 

CONTACTS

Robert Arzola

Managing Director

+1 210 839 2042

robert.arzola@jll.com

Ryan McBride

Managing Director

+1 512 532 1932

ryan.mcbride@jll.com

Robert Wooten

Sr. Managing Director

+1 512 532 1925

robert.wooten@jll.com

Chris Roper

Analyst

+1 210 782 3687

chris.roper@jll.com

Kyle Spencer (debt)

Managing Director

+1 512 532 1921

kyle.spencer@jll.com

Meredith Sheeder (debt)

Associate

+1 210 308 9888

meredith.sheeder@jll.com