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Property Overview
Abode offers investors tremendous upside potential across multiple avenues including interior renovations, exterior capital improvements and a more client centric management approach. Through capital infusion including an interior upgrade program, community amenity improvements and the continued rebranding and repositioning of this asset, new ownership will capture healthy rent premiums in the range of $100 - $200 per unit. With 21 classic units remaining, this would realistically generate over $37,800 in additional revenue by averaging only $150 per upgraded unit. In addition to the 21 classic units, the 83 “renovated” units all have additional upside potential. Achieving a rental increase of just $25 per month would increase revenue by nearly $25,000 adding over $400,000 on a market cap rate value. These improvements will not only result in immediate upside but aid significantly in tenant retention. These strategic value-add and repositioning measures will not only revitalize Abode but could see it prosper as one of the premier assets within this submarket and asset class.
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Cody Courtney
Senior Director Cody.Courtney@berkadia.com210.377.1219
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San Antonio Office
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Director Cameron.Hart@berkadia.com
512.226.8708
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THE OFFERING
Berkadia’s San Antonio Multifamily Investment Sales Team is pleased to announce the exclusive listing of Abode Apartments, a 104-unit value-add opportunity located off Callaghan and Fredericksburg Road. Built in 1980, Abode is strategically located on 3.37 acres in thriving South Texas Medical Center District, providing residents with an easy commute to some of San Antonio’s largest employers including USAA.
In addition to its premier location, a new owner will benefit from the capital work already completed and has the opportunity to upgrade the remaining units to fully realize the rent potential of this asset. With its excellent location and proven value-add potential, Abode offers an investor the opportunity for long–term stability, future rent growth and value appreciation. Abode is being offered as a Loan Assumption opportunity.
7600 Callaghan Rd | San Antonio, TX 78229
LOCATION
Property
Total Units
Year Built
Net Rentable Area
Average Unit Size
Stories
Average Market Rent
Average Market Rent
Price
Offering Terms
7600 Callaghan Rd San Antonio, TX 78229
104
1980
90,664
872 SF
2 and 3-Story Garden
$1,167
$1.34
To Be Determined by Market
Loan Assumption
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Investment Highlights
Tremendous Value-Add Potential
Strong Property Performance
Excellent San Antonio Location
Tremendous Value-Add Potential
Abode offers investors tremendous upside potential across multiple avenues including interior renovations, exterior capital improvements and a more client centric management approach. Through capital infusion including an interior upgrade program, community amenity improvements and the continued rebranding and repositioning of this asset, new ownership will capture healthy rent premiums in the range of $100 - $200 per unit. With 21 classic units remaining, this would realistically generate over $37,800 in additional revenue by averaging only $150 per upgraded unit. In addition to the 21 classic units, the 83 “renovated” units all have additional upside potential. Achieving a rental increase of just $25 per month would increase revenue by nearly $25,000 adding over $400,000 on a market cap rate value. These improvements will not only result in immediate upside but aid significantly in tenant retention. These strategic value-add and repositioning measures will not only revitalize Abode but could see it prosper as one of the premier assets within this submarket and asset class.
Strong Property Performance
Abode is 93% occupied as of 4/8/2024 and has historically performed exceptionally well with a trailing five-year average of 96% Economic Occupancy. Posited for a further value-add play, the high degree of pent-up demand for quality assets in this location plus recent performance indicates that Abode will continue to perform at an outstanding level for the next investor. There is also an opportunity to reduce the Loss To Lease which could potentially add $100-150 per unit in tandem with additional premiums set in place by new ownership.
Excellent San Antonio Location
Abode is well-positioned near many dynamic employment centers in the area with convenient access to businesses within the South Texas Medical Center and along major arterial interstate highways I-10 and 410 which boasts 410,450 vehicles per day at their intersection overlooking the property. Critical employers such as UT Health San Antonio, the Methodist Hospital System, and an overabundance of supporting medical facilities in the area all call Abode’s submarket home. The property is available to traffic along Callaghan and Fredericksburg, compounding to approximately 47,150 vehicles per day. The South Texas Medical Center submarket is one of the most dynamic and developing submarkets in South Texas, making Abode’s location attractive to potential residents and long-term investment.
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Abode offers investors tremendous upside potential across multiple avenues including interior renovations, exterior capital improvements and a more client centric management approach. Through capital infusion including an interior upgrade program, community amenity improvements and the continued rebranding and repositioning of this asset, new ownership will capture healthy rent premiums in the range of $100 - $200 per unit. With 21 classic units remaining, this would realistically generate over $37,800 in additional revenue by averaging only $150 per upgraded unit. In addition to the 21 classic units, the 83 “renovated” units all have additional upside potential. Achieving a rental increase of just $25 per month would increase revenue by nearly $25,000 adding over $400,000 on a market cap rate value. These improvements will not only result in immediate upside but aid significantly in tenant retention. These strategic value-add and repositioning measures will not only revitalize Abode but could see it prosper as one of the premier assets within this submarket and asset class.
Abode is 93% occupied as of 4/8/2024 and has historically performed exceptionally well with a trailing five-year average of 96% Economic Occupancy. Posited for a further value-add play, the high degree of pent-up demand for quality assets in this location plus recent performance indicates that Abode will continue to perform at an outstanding level for the next investor. There is also an opportunity to reduce the Loss To Lease which could potentially add $100-150 per unit in tandem with additional premiums set in place by new ownership
Abode is well-positioned near many dynamic employment centers in the area with convenient access to businesses within the South Texas Medical Center and along major arterial interstate highways I-10 and 410 which boasts 410,450 vehicles per day at their intersection overlooking the property. Critical employers such as UT Health San Antonio, the Methodist Hospital System, and an overabundance of supporting medical facilities in the area all call Abode’s submarket home. The property is available to traffic along Callaghan and Fredericksburg, compounding to approximately 47,150 vehicles per day. The South Texas Medical Center submarket is one of the most dynamic and developing submarkets in South Texas, making Abode’s location attractive to potential residents and long-term investment.