240-Unit Bandera Commons Represents a True Value-Add Class A Investment Opportunity
Attractive Class A Asset: Strategically located along Bandera Road in a residential area within two miles of Loop 1604, Bandera Commons is a true value added Class A apartment community. Built in 2002, the 11-acre site consists of 240 units with luxury features including a swimming pool with a heated spa, resident clubhouse with full service business center, 24-hour fitness center, laundry facility, and well appointed units with spacious floor plans. Currently 97 percent occupied, the property is adjacent to The Leon Creek Greenway, a popular 15-mile recreation trail. The Mainland Road Trailhead is adjacent to the property with access to the trail, providing additional amenities for resident of Bandera Commons.
Employment Drivers: Bandera Commons is located on Bandera Road (52,000 vehicles per day) at the midpoint between highly traveled Loop 410 and Loop 1604. Just three miles west of inner Loop 410, and less than three miles east of the Loop 1604’s commercial corridor in northwest San Antonio, the property is strategically positioned near several of the city’s strongest employment centers. Just four miles south of the property is Westover Hills, one of the nation’s premier, award winning master-planned developments. Companies such as Microsoft, Wachovia, Fidelity Investments, QVC, Northwest Vista College, SeaWorld, several resorts and three planned hospitals are all located in this reputable 1,300-acre mixed use park. Also four miles east of the property is South Texas Medical Center, home to the vast majority of central and south Texas’s medical industry and 40,000+ employees; and USAA World Headquarters, which employs 15,000 people at its four million square foot campus. Approximately four miles north of the property near Loop 1604 and Interstate 10 are the University of Texas at San Antonio, Valero World Headquarters, and several high-end retail centers and resorts.
Highly Accessible Location: Bandera Commons is easily accessible and highly visible with frontage along arterial Bandera Road inside Loop 1604 in northwest San Antonio. San Antonio’s inner-loop commuter highway Loop 410 is less than five miles southeast of the property and Interstate 10 is four miles east of the property adjacent to USAA World Headquarters. These high-traffic thoroughfares provide excellent access to nearby employers, restaurants, schools and retail centers.
Strong Multifamily Submarket: The property is located in the Northwest apartment submarket, which ranks highly in San Antonio for strong occupancy, rent growth and absorption. Class A properties similar to the property currently average over 95 percent occupancy, and the overall submarket averaged 96 percent occupancy rates. New construction is limited in the immediate area due to the lack of available land. Demand drivers continue to thrive in the area, including the growth and expansion of the Westover Hills community and the Loop 1604 corridor. The submarket’s job centers, retailers, schools and thoroughfares are excellent amenities for Bandera Commons residents and will ensure a continual supply of future residents.
All offers to purchase requested by Thursday, May 30, 2013 by 5pm CST.
For additional investment information, please contact:
Joe James | firstname.lastname@example.org | 512-338-7852
Kent Myers | email@example.com | 512-338-7853
Reynold Toepfer | firstname.lastname@example.org | 512-338-7866
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The James-Myers Multifamily Team of Marcus & Millichap participated in the sale of 22 transactions in 2012 totaling over 3,000 units and more than $123 Million in sales across Texas. Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.