MA7 09, 2022
San Antonio, Texas – Jeronimo Hirschfeld, President, and CEO of One Real Estate Investment (OREI), announced the purchase of a 284-unit apartment community in San Antonio, Texas.
The Summit is a 1984 build Class B multifamily property located at 1955 Larkspur Dr, San Antonio, Texas. The asset is located amidst the primary economic hub of San Antonio, as it is within a 10-mile radius of the South Texas Medical Center, National Security Agency, Central Security Service Headquarters, Southwest Research Institute, USAA, University Health, and Valero which combined employ over 140,000 people. The property benefits from convenient access to freeways I-410 and US-281, and proximity to the San Antonio International Airport only 3 miles away. OREI will enhance the common areas and exteriors with a $5.1M renovation initiative that will include adding exterior paint, resurfacing the pool, pressure cleaning, upgrades to the outdoor kitchen, renovations to the clubhouse, fitness center, landscaping, and enhanced signage amongst others. In addition to the exterior, interior value-add renovations will be implemented utilizing premiere upgrades including new flooring, granite countertops, backsplashes, light fixtures, cabinetry and stainless-steel appliances.
The Summit was sourced through an off-market opportunity based on an existing relationship through a previous OREI asset transaction. The acquisition of The Summit represents the fourth investment in San Antonio for OREI.
“OREI’s historical performance in Texas has proven fruitful for our investors and we have continued confidence in the San Antonio market to sustain its trajectory of job, population, and rental growth” stated Hirschfeld. “As The Summit marks our fourth investment in San Antonio, OREI will utilize the expertise and resources established in the market to implement our value-add program and achieve outsized returns.”
In addition to acquiring The Summit, One Real Estate Investment has a Texas portfolio that includes ten multifamily communities located in Houston, Dallas, College Station, San Antonio, and Austin, bringing total units under management in Texas to over 2,750.