MAY 11, 2022
San Antonio, Texas – Jeronimo Hirschfeld, President, and CEO of One Real Estate Investment (OREI), announced the purchase of a 208-unit apartment community in San Antonio, Texas.
Villas de Santa Fe is a 1982 build Class B multifamily property located at 3601 Magic Dr, San Antonio, Texas. The asset is conveniently located amidst a hub of healthcare, education, and research entities as it is less than one mile from the South Texas Medical Center, a 900-acre campus which employs nearly 60,000 people and is underway on a $1.15 Billion master plan expansion. Other notable employers within a 10-mile radius of Villas de Santa Fe include the National Security Agency, Central Security Service, Southwest Research Institute, USAA, University Health, and Valero which employ over 80,000 people. The asset is just 0.2 miles from the I-10 and 0.4 miles from the I-410, the two primary freeways throughout San Antonio. Double-digit market rent growth in 2021 and projected continued growth in 2022 has substantiated OREI to execute a value-add program consisting of interior and exterior renovations totaling $2.0M. Exterior enhancements will include upgrades to the common areas such as the clubhouse, dog park, pool, outdoor kitchen, overall landscaping, as well as the implementation of Amazon lockers for residents and exterior painting. The increase in household formation and the rise in wages in San Antonio over the past 12 months has surged demand for premiere interior finishes. Upon unit turnover OREI will implement a signature upgrade package including granite counters, backsplashes, stainless steel appliances, vinyl flooring, light fixtures and new cabinetry.
Villas de Santa Fe was sourced through an off-market opportunity presented by national brokerage firm Berkadia. The acquisition of Villas de Santa Fe represents the fifth investment in San Antonio for OREI.
“With tens of thousands of jobs slated to come online and the continued expansion of corporate headquarters in San Antonio, OREI is confident in the ability to capture the market rent growth through our repositioning plan” stated Hirschfeld. “Villas de Santa Fe being our fifth acquisition in San Antonio shows OREI’s commitment to investing in markets backed by fundamental job, population, and rent growth.”
In addition to acquiring Villas de Santa Fe, One Real Estate Investment has a Texas portfolio that includes eleven multifamily communities located in Houston, Dallas, College Station, San Antonio, and Austin, bringing total units under management in Texas to over 3,000.