Call for Offers: 92-Unit West San Antonio Affordable Housing Asset

Offers to purchase Lago Vista Village requested by Thursday, September 4, 2014 by 5pm CST

SAN ANTONIO, TEXAS – Excellent Location: Lago Vista Village is a quality community with an excellent location West San Antonio. The property is conveniently located just minutes from public transportation and the South Texas Medical Center. Built in 1999, the 3.42 acre site consists of 92 well appointed units and boasts a strong amenity package, including controlled access gates, fitness center, clubhouse, playground and laundry facility. Additionally, the three story property offers private balcony/patio and outside storage. The property benefits from strong street exposure and curb appeal on highly traveled Commerce Street. Many of San Antonio’s largest employers and retailers are in close proximity as Lago Vista Village is only minutes from San Antonio’s Central Business District.

Economic drivers: The asset is strategically positioned within minutes of several flourishing employment centers in north San Antonio. With convenient access to both the Inner Loop 410 and Interstate10, Lago Vista Village provides residents easy access to downtown San Antonio and the nearby master-planned developments. Only minutes to the north is the Wonderland of the Americas event venue and shopping center, home to dozens of restaurants, retail, and entertainment options. Anchored by Super Target, this vibrant community provides an abundance of employment opportunities, and attracts substantial traffic to the property which benefits from frontage on the highly trafficked Commerce Street.

Affordable Housing Component: The Property was developed under the low income housing tax credit program. The current in place restrictions mandate the owner to lease 75% of the units in the property to individuals and families whose income is 60% or less of the area median income. Additionally, 16 units of the 75% are restricted, with 4 units set aside for families making 50% or below of the area median income, and 12 units set aside for families making 65% or below of the area median income.

Strong Multifamily Submarket with Barrier to Entry: Lago Vista Village is located in the high barrier to entry West submarket, which has experienced continuous growth, strong occupancy rates, and increasing rents. San Antonio metro employers have added almost 27,000 jobs in the last four quarters, expanding employment by 3.1 percent. Apartment properties such as Lago Vista Village have made gains in effective rent growth over the past year. Additionally, he West submarket of San Antonio has an average occupancy rate of 94 percent. Healthy fundamentals and job creation dictate that these trends should continue.

Financing: This investment is being offered on an all cash basis, allowing for unrestricted financing options and the ability to capitalize on today’s historically low interest rates

For the complete marketing package, please sign the Lago Vista Village Confidentiality Agreement.

For additional investment information, please contact:

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap (NYSE: MMI) has 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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s