MAY 05, 2022
San Antonio, Texas – Jeronimo Hirschfeld, President, and CEO of One Real Estate Investment (OREI), announced the purchase of a 360-unit apartment community in San Antonio, Texas.
Axio is a 1985 build Class B multifamily property located at 8722 Cinnamon Creek Dr, San Antonio, Texas. The asset is less than one mile from the South Texas Medical Center and within a 10-mile radius of the National Security Agency, Central Security Service Headquarters, and Southwest Research Institute, which together employ over 135,000 people.The convenient location provides residents access to I-410, which circumnavigates San Antonio, and the I-10. The combination of the 1985 vintage and substantial market growth allows for OREI to complete a significant value-add program consisting of interior and exterior renovations of nearly $6.0M. OREI will complete common area enhancements to the fitness center, pools, dog park, clubhouse, landscaping, and repaint the exterior with the addition
of a mural. The interior renovation program will include OREI’s signature upgrades including new flooring, granite countertops, backsplashes, light fixtures, cabinetry and stainless-steel appliances.
Axio was sourced through an off-market opportunity due to OREI’s performance on a transaction with the same broker. The acquisition of Axio represents the second investment in San Antonio for OREI. “Axio being our second acquisition in North San Antonio this year confirms our confidence in the market and the ability to realize outsized returns with the implementation of our value-add strategy” stated Hirschfeld. “Further continuing OREI’s expansion into top growing cities is at the forefront of our business plan.”
In addition to acquiring Axio, One Real Estate Investment has a Texas portfolio that includes eight multifamily communities located in Houston, Dallas, College Station, San Antonio, and Austin, bringing total units under management in Texas to over 2,200.