MAY 10, 2022
San Antonio, Texas – The Fredd is a 1973 build Class B multifamily property located at 9109 Dartbrook Dr, San Antonio, Texas. The asset is conveniently located less than one mile from the South Texas Medical Center, which employs nearly 60,000 people and is currently undergoing a $1.15 Billion expansion project. Additionally within a 10-mile radius of the project is the National Security Agency, Central Security Service Headquarters, Southwest Research Institute, USAA, University Health, and Valero which combined employ over 80,000 people. The asset also provides advantageous access to several freeways, including I-410, which loops San Antonio, and the I-10. The substantial market growth within the last twelve months has shown proven demand for a value-add program OREI will implement consisting of interior and exterior renovations totaling $3.4M. The planned exterior enhancements include upgrades to the fitness center, dog park, landscaping, playground, exterior painting, covered parking, outdoor kitchen, roofs, and signage, amongst others. The interior units will undergo a signature renovation package inclusive of new flooring, granite countertops, backsplashes, light fixtures, cabinetry and stainless-steel appliances.
The Fredd was sourced through an off-market opportunity based on an existing relationship through a previous OREI asset transaction. The acquisition of The Fredd represents the third investment in San Antonio for OREI.
“We are pleased to achieve economies of agglomeration with OREI’s third acquisition in San Antonio” stated Hirschfeld. “Increasing OREI’s footprint in the western submarket shows our continued confidence in the trajectory of the markets rental growth.”
In addition to acquiring The Fredd, One Real Estate Investment has a Texas portfolio that includes nine multifamily communities located in Houston, Dallas, College Station, San Antonio, and Austin, bringing total units under management in Texas to over 2,450.