Location: 7999 Potranco Rd, San Antonio, TX 78251
Year Built: 1984
Acquisition Date: 12/15/2021
Villas de Toscana is located in the Westover Hills submarket of San Antonio, which has a projected 5.3% population growth rate over the next 5 years, 4 times greater than the San Antonio MSA growth rate.
Despite the market’s upcoming development projects and continued growth in multifamily rental rates, in-place rents at the property are 5% below market allowing for both organic, mark-to-market rental growth coupled with renovation rental premiums.
Value-add opportunity remains to the 142 classic units. Upon interior renovation, OREI will raise average current rents of $1.29 per square foot to $1.55 per square foot, which results in a $169 weighted average premium over in-place rents and stabilize occupancy at 95%.