Equity Multiple Return
Property Type: Multifamily
Sold in Q3 of 2018 in a joint-venture partnership with Lowe Enterprises, Sunrise Canyon Apartment Homes is a 208-unit apartment community located in the northeast suburbs of San Antonio, TX. The property is within minutes of The Forum at Olympia Parkway, a master-planned retail center, and Randolph Air Force Base. Residents are close to Loop 1604 and IH-35 giving quick access to either downtown San Antonio or New Braunfels, TX. The property is a mix of 1 bedroom, 2 bedrooms, and 3 bedrooms with almost all units having washer/dryers in unit, raised panel maple cabinetry and wood vinyl plank. Amenities include a swimming pool, fitness center, clubhouse, pet park with water station, private garages, covered parking, and a poolside pergola with a stainless steel propane barbecue grill.
During ownership, there was a light value-add investment with the majority of improvement focused on a complete renovation/ modernization of the clubhouse and fitness center.