Our Portfolio

228 Units — San Antonio

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Encore281 Apartments

Units: 228
Year built: 2015
Location: North San Antonio, Texas
Acquired: April 2021
Purchase price: $33.0M
1031 exchanges: 9
Equity invested: $14.5M
CapEx budget: $1.2M

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