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