- 252-unit class “B” apartment complex in San Antonio, TX.
- Acquired in October 2013 for $10.5mm.
- Established infill location in prestigious Alamo Heights neighborhood with immediate I-410 freeway access.
- 77% occupied at acquisition and had previously been foreclosed upon.
- Business plan to increase occupancy and net operating income through completion of a comprehensive exterior and in-unit renovation program.
- Implemented $3.3 million capital program to upgrade unit interiors, pool and landscaping, and add a fitness center, dog park, and club room.
- Increased occupancy from 77% at acquisition to 95% upon sale.
- Navigated three separate casualties totaling over $2.0mm of insurance claims including a reconstruction of 17 units destroyed by fire.
Property investment was completed by an affiliate of the Sponsor of 1st Streit Office, Inc. as part of one of its prior programs, and is not included in the current offering of 1st Streit Office, Inc. For more information, please refer to to the Offering Circular at streitwise.com/oc. All information as of 1/15/20.