Frisco, TX – December 2021 – We are pleased to announce the acquisition of an extraordinary 300-unit San Antonio multifamily property currently known as “The Joule”. The acquisition was completed on December 14, 2021 by Frisco, Texas-based Multifamily Acquisition Advisors and Irvine, California-based Blackhawk Property Holdings. This marks the team’s fourth major acquisition in the last twelve months in the San Antonio market, totaling to date 1,132 units.
San Antonio has recently become a U.S. population growth center. With a robust employment base anchored by education, financial services, healthcare, bio-science and defense, San Antonio is seen by many as one of the more attractive multifamily markets and was ranked #12 of 80 cities in the Urban Land institute’s 2020 overall Markets to Watch” rankings.
The Property lies just off of Interstate Highway 10, in the heart of San Antonio’s employment hub – 114,000 daytime employees within a 3-mile radius. Nearby major employers include USAA and the South Texas Medical Center. The University of Texas at San Antonio, with an enrollment of 33,000, is a six-minute drive from the Property. We focus on acquiring communities proximate to healthcare, technology, education and government centers.
Although constructed in 1974, the Property offers a unique and stunning physical presence, having previously undergone an exquisitely-executed exterior upgrade (together with approximately 27% of unit interiors). The Property boasts eye-catching turquoise barrel tile roofs, architectural elements normally reserved for much more expensive properties and rare amenities for its vintage including attached garages. The Business Plan contemplates upgrading the technology infrastructure of the buildings, upgrading the interiors of un-renovated units, building upon the existing favorable leasing path and common area amenities and addressing other minor asset preservation needs.
This strategy aligns with our mission to provide the residents of high-growth markets critically needed well-located, high-quality-of-life living spaces at affordable rents. The already-positive resident experience of the Joule will be enhanced under our leadership and yet post-capital rents, including projected market rent growth, are still projected to average an affordable $1,025 per month.
The Walker Dunlop team of Ryan Epstein, Matt Pohl and Forrest Bass brokered the transaction, representing Texas-based Seller Westmount Realty Capital, LLC.
San Antonio-based Kairoi Residential manages other MAA Blackhawk holdings in the area and will manage the Property. Patrick Short of Walker Dunlop arranged bridge financing, which was originated by Dwight Capital.
We continue to seek well-located multifamily opportunities in attractive U.S. markets. We wish you good health and all the best in your multifamily activities.