The Maxwell
A 336-Unit Value-Add Asset Minutes from Major Employment, Retail, and Entertainment
Deal Type: Acquisition
Risk Profiles: Value-Add
Property Types: Multifamily
Property Details
336
UNITS
245,792
SF
1984
YOC
Investment Highlights
- Value-add opportunity located in Far West San Antonio minutes from major employment, retail, and entertainment
- Outstanding fundamentals: Far West submarket rental rates grew by 14.6% in the past 12 months (Austin Investor Interest, 2Q22)
- Tremendous value-add opportunity:
- Current owner has done the heavy lifting spending approximately $1M on the property curing deferred maintenance including full exterior paint, woodwork, new perimeter fencing, parking lot repairs, exterior clubhouse remodel, and more
- Proven program – 139 units (41%) have received light upgrades generally consisting of black appliances, new cabinets fronts, kitchen backsplash, vinyl flooring, resurfaced countertops, framed bathroom mirrors, upgraded lighting and fixtures, and new paint – successfully achieving $120± rent premiums
- The remaining 197 units (59%) are either classic (21%) or partial upgrades (38%) consisting of various levels of light upgrades including new vinyl wood flooring, black appliances and countertop resurface
- A new owner may choose to continue the current upgrades or take it to the next level with granite/quartz countertops, designer kitchen backsplash, contemporary white or grey cabinets, vinyl plank flooring throughout, home tech package, etc.
- Additional upgrade opportunities include: a contemporary clubhouse remodel, package locker system, pool bungalow cabanas, fitness center upgrade, add dumpster enclosures, private patio pet yards, dog wash station, etc.
- Nearby comparable properties are achieving $300+ more than The Maxwell – significant room for the new owner to grow rents
Contacts
Investment Sales
Matt Michelson
Senior Managing Director
210-529-7266
Patton Jones
Vice Chairman
512-637-1213
Jim Young
Senior Managing Director
512-637-1265
Debt & Structured Finance