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.

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