Our Portfolio
228 Units — San Antonio
Encore281 Apartments
Units: 228
Year built: 2015
Location: North San Antonio, Texas
Acquired: April 2021
Purchase price: Undisclosed
1031 exchanges: 9
Equity invested: $14.5M
CapEx budget: $1.2M
California group buys Stone Oak-area apartments for $33M - San Antonio Business Journal
IMG Buys San Antonio Multifamily Community - RE Business Online
San Antonio among most trending Texas cities for Gen Z renters - San Antonio Business Journal
Investment Highlights
- IMG sourced the property off-market
- 2015-built with modern community amenities package
- 1, 2 & 3-bed unit mix; Eight total floor plans averaging 915 SF
- Increasingly central and desirable location as the Highway 281 infrastructure project accommodates further northward submarket expansion towards Austin, Texas.
- Phase 1 of the half-billion dollar construction project began in 2017 and is completing this year. Phase 2 (in progress) will finish in 2022.
- Highway 281 is a primary connector between San Antonio and I-1604 to the south, and Austin, and the communities of Stone Oak and Spring Branch to the north. Traffic flow through the corridor is currently 91K vehicles daily.
- North San Antonio rents have historically pushed above the metro average
- Rents across the submarket are projected to accelerate quickly at year-over-year growth around 3%, beginning this year
- High household incomes ($100K+ within 2 miles of property) yet relatively affordable rents keeps demand healthy and vacancies tight
- Texas in top 2 states for in-migration for the fifth straight year - U-Haul, Jan 2021
- San Antonio - "America's Next Boom Town" - Forbes
- #2 Fastest-Growing City - U.S. Census Bureau
- State of Texas ranks #1 - "Where Millennials Are Moving, 2020 Edition" - SmartAsset.com