194 Units Near Lackland Air Force Base, Eagle Ford Shale Development
Excellent Southwest San Antonio Location: Merry Oaks represents a value-add acquisition opportunity located in the strong southwest submarket of San Antonio. Situated on the periphery of Lackland Air Force Base, this asset is within close proximity to Eagle Ford Shale, one of the largest oil and gas developments in the world based on the amount of capital invested. Merry Oaks benefits from convenient access to Loop 410 and Interstate-90 allowing for a quick commute to San Antonio’s central business district and famed Riverwalk. Comprised of 194 units spread across 49 single-story apartment buildings with two additional laundry and maintenance buildings, the property has an abundance of Texas Live Oaks, a large swimming pool, recently replaced roofs (2006), and solar screens which have recently been installed throughout the property. Merry Oaks is visible from the highly traveled West Military Drive and strategically located near many of San Antonio’s employment opportunities.
Significant Economic Demand Drivers: Merry Oaks is located within an easy commute to Eagle Ford Shale which is fueling job and population growth in the region. Almost $30 billion will be spent developing Eagle Ford Shale in 2013, leading to an estimated $60 billion dollar impact on the local South Texas economy with over 116,000 jobs in 20 communities. Lackland Air Force Base dominates the immediate surrounding geography of Merry Oaks and employs about 21,000 contract employees. Lackland AFB recently completed a 300,000 square foot medical facility and continues to grow. Numerous nearby employers include Toyota Motors Manufacturing Plant, Microsoft, Fidelity Investments, QVC, World Savings, Super Target, Walmart and several other high-end retailers only a few minutes northwest of the property in the Westover Hills and Alamo Ranch Master Planned communities.
Strong Multifamily Submarket: Employment for the San Antonio Metro is projected to increase approximately three percent in 2013 while vacancies continue a healthy decrease to about six percent. Southwest San Antonio is keeping pace with these trends. With a history of strong occupancy, there is opportunity to continue increasing effective rents by implementing several asset improvement strategies, giving a new owner considerable upside. These include both interior and exterior renovations. Buyers who recognize the upside potential should see continued rent growth potential and long term appreciation.
Financing: This investment is being offered on a cash to existing note basis.
To view the complete Offering Memorandum, please submit the Merry Oaks Confidentiality Agreement.
For additional information, please contact:
Joe James | email@example.com | 512-338-7852
Kent Myers | firstname.lastname@example.org | 512-338-7853
Reynold Toepfer | email@example.com | 512-338-7866
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The James-Myers Multifamily Team of Marcus & Millichap participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas. Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.