Value-Add Acquisition

Pecan Springs

San Antonio, Texas

Property Overview

 

Pecan Springs Apartments offers one-, two-, and three-bedroom apartment homes with spacious living areas, wood-style flooring, nine-foot ceilings, a programmable thermostat, crown molding, two-inch blinds, generous storage space, washer/dryer connections, a large private balcony, and a variety of other modern finishes. Community amenities include a state-of-the-art fitness center, resort-style swimming pool with a swim-up bar, tanning area, private cabanas, an outdoor fireplace, a dog wash station, an outdoor grilling area with deluxe barbecue grills, a Starbucks self-service coffee station, package lockers, valet trash services, and complimentary Wi-Fi in all common areas.

Investment Overview

 

Pecan Springs, a 344-unit garden-style apartment community located on the northwest side of San Antonio, was acquired by Fund II in August 2022 as its third investment.  StoneRiver looks to generate value through StoneRiver Property Management’s expertise.  Pecan Springs is positioned in the Northwest pocket of San Antonio, which consistently sees the highest rent growth in the city.  StoneRiver’s business plan calls for property improvements to supplement Pecan Spring’s upscale amenity spaces.
Location
San Antonio, Texas
Property Type
Luxury Suburban, Garden Style Apartments
Project Type
Value-Add
Year Built
2013
# of Units
344
Date Acquired
August 2022

Investment Rationale

Value-Add Improvements – StoneRiver has improved interior units by installing vinyl flooring in 2nd and 3rd-floor living spaces and adding washers/dryers in each unit, enhanced exteriors by replacing roofs, repainted the property, improved the landscaping and addressed minor deferred maintenance issues, and updated amenities with additional private pet yards, additional package lockers and improvements to the pool and grill areas.

 

Improved Management – StoneRiver Property Management aims to enhance revenue growth while normalizing expenses and increasing community engagement. The organization seeks to achieve high renewal rates, cultivate positive online reviews, and reduce turnover costs.

 

Unique Amenities – Pecan Springs offers a resort-style pool with stone features, a swim-up bar, and breezeway access garages.