Villas de Toscana

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Investment-Executive Summary

Berkadia’s San Antonio Multifamily Investment Sales Team is pleased to present Villas de Toscana, a 190-unit garden-style community with strong value-add potential, strategically located in the booming Westover Hills submarket. Built in 1984 and situated on 8.2 acres adjacent to the National Security Agency and Southwestern Research Institute, Villas de Toscana is uniquely positioned near major employment centers, supporting a consistently high occupancy rate despite significant new supply in the area. Villas de Toscana features 21 two-story buildings with five versatile floor plans and an attractive amenity package including a swimming pool, state-of-the-art fitness center, and sports courts. Approximately 79% of the units present an opportunity for renovation, offering substantial upside through a value-add program with potential rent premiums in excess of $150 per unit. With its dynamic location, historical strong performance, and significant renovation potential, Villas de Toscana presents an exceptional opportunity to acquire a well-located asset poised for immediate and long-term value growth. Villas de Toscana is offered as a loan assumption with a favorable 4.40% fixed interest rate.

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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada. © 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.

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Andy Hill

Managing Director512.226.8705andy.hill@berkadia.com

Cameron Hart

Senior Director+1 (512) 226-8708Cameron.Hart@berkadia.com

Justin Chambers

Director 512.969.6838 justin.chambers@berkadia.com

Adam Sumrall

Director 512.960.2674 adam.sumrall@berkadia.com

Cody Courtney

Senior Director 210.377.1219 Cody.Courtney@berkadia.com

Will Caruth

Managing Director 210.377.2768 Will.Caruth@berkadia.com

Justin Cole

Managing Director 512.226.8711 justin.cole@berkadia.com

Kelly Witherspoon

Senior Managing Director 512.226.8706 kelly.witherspoon@berkadia.com

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Investment Advisors

1-Mile Radius: Crown Meadows and Immediate Submarket Within a 1-mile radius, the Crown Meadows neighborhood provides additional insight into localized housing trends. The submarket spans approximately 3 square miles (1.5 miles north to south and 2 miles east to west), representing a concentrated area with strong rental appeal. Recent listing data from Zillow shows an average listing price of $288,000, with a range from $262,000 on the low end to $315,000 at the high end. Meanwhile, Redfin reports five active listings averaging $215,000 for a typical 2.5-bedroom, 2-bathroom home with an average size of 1,268 square feet. These properties, generally built around 1999, carry an average price of $171 per square foot and include moderate homeowners’ association (HOA) fees averaging $34 per month. Over the past six months, 285 homes have sold within this immediate neighborhood, further highlighting consistent demand for housing in the area which Villas de Toscana can easily capitalize on.

Single Family Home Sales Market Overview San Antonio’s residential market has demonstrated notable resilience despite macroeconomic headwinds. From January to March 2025, overall home sales in the city declined by approximately 7.4% year-over-year, reflecting a moderation in transaction volume amid higher borrowing costs and inflationary pressures. The market currently holds a five-month supply of inventory, with properties spending an average of 87 days on the market — the longest marketing period recorded since 2013. Notably, the median sales price rose to $315,500 in March 2025, representing a 1.7% increase over 2024, underscoring San Antonio’s enduring housing demand and sustained home value appreciation. While broader market conditions have created a more cautious buyer environment, persistently high mortgage interest rates in the 6–7% range, coupled with rising property tax and insurance costs, have reduced buyer leverage. These dynamic market conditions retain high-quality multifamily rental communities, such as Villas de Toscana, as attractive alternatives for residents seeking greater value and flexibility without compromising on lifestyle or location.

Employment Statistics The Potranco corridor and adjacent Loop 1604/SH 151 corridor are emerging as employment hot spots. Digital job listing sites show ample hourly roles in foodservice and retail attracting student and service-sector workers. These opportunities benefit renters seeking flexible schedules or entry-level positions. Additionally, new hospitality and healthcare expansions in Westover Hills—such as at Methodist Hospital, Wells Fargo operations center, and Christus Santa Rosa—are generating a growing array of mid-skills and professional-level roles. Stretching outward along Loop 1604 to Westover Hills and beyond, the employment landscape deepens. The regional center here hosts ~11,900 jobs across tourism attractions like SeaWorld and Fiesta Texas, finance and insurance firms, deeply rooted healthcare giants Baptist and Methodist Hospital Systems, and education. Just south of Villas de Toscana, Port San Antonio supports around 16,000 employees in aerospace, logistics, cybersecurity, defense, manufacturing, and advanced tech. The Port has pitched a $1–1.4 billion consolidated campuses for the 16th Air Force on Port land, aiming to relocate operations from JBSA‑Lackland. The complex would include headquarters, operations center, and wings (67th & 688th), saving ~$1 billion vs. typical MilCon costs and halving the construction timeline via an intergovernmental support agreement. Additionally, a planned 11‑story, ~295,000 square feet wing‑shaped office tower near Innovation Tower, would support the 80+ preexisting and ever-expanding cybersecurity and aerospace tenants on site. Meanwhile, the broader San Antonio metro employs more than 2 million people across inflation insulated industries with major sectors including trade and transportation (17%), additional government and military (15%), nationally recognized healthcare and bioscience (14%), premiere hospitality (12%), and crucial IT-cybersecurity. Villas de Toscana situates residents within commuting distance to a highly diversified employment base—from entry-level hospitality to professional-level positions in healthcare, finance, education, aerospace, and defense. In a city based on vehicle ownership, Potranco Road’s infrastructure improvements -- ongoing widening and overpasses -- enhance road access for commuting and last-mile transit. Villas de Toscana’s location creates a compelling ecosystem for renters, especially young professionals or households looking for access to a variety of job markets, seamless highway connectivity, and flexibility across industry types.

Key Location with strong Appeal to Renters Villas de Toscana sits at a strategic nexus in San Antonio’s rapidly expanding Far Westside. Within a one-mile radius, residents enjoy immediate access to a thriving retail corridor anchored by the Stevens Ranch HEB, surrounded by national brands like Whataburger, Starbucks, ChickfilA, Dutch Bros, and Chipotle. Despite the influx of new units into the submarket, Villas de Toscana has retained a historical occupancy between 90-92%. This infusion of consumer-facing amenities and housing density fuels a self-reinforcing appeal to renters, particularly those drawn by convenience and lifestyle. Expanding to a three-mile radius, this zone showcases a complement of entertainment, retail, employment, and infrastructure growth. Noteworthy within this area are new retail plazas near Reid Ranch Road (44,000 square feet under construction) plus the all-new Potranco Retail Center (10,921 square feet). On the employment front, a Microsoft data center has been established, with further data-driven industrial activity underway in adjacent Medina County. This robust ecosystem caters to renters seeking modern suburban amenities within a tight radius. From a citywide connectivity standpoint, Villas de Toscana is exceptionally well‐positioned. It’s directly accessible via Potranco Rd, a growing arterial road paralleling Loop 1604, which recently saw a critical 7.6mile extension north to Culebra Road. The proximity to Loop 1604 and SH 151 provides direct commuter routes to major job centers, including the airport expansion, SeaWorld, Lackland AFB, and the emerging $4 billion downtown entertainment district “Project Marvel.” Ongoing TxDOT upgrades on US90 and the 1604 corridor further enhance accessibility. Villas de Toscana integrates seamlessly into San Antonio’s expanding west-side framework, serving both as a commuter-friendly hub and a gateway to growing lifestyle, retail, and employment amenities attractive to a diverse renter demographic

Interior & Exterior Enhancements Traditional Units | 151 Units | 79% Remaining Renovated Units | 39 Units | 12% Total | $150+ Rent Increase Villas de Toscana presents investors with tremendous upside potential across multiple avenues including interior renovations, exterior capital improvements and a more client-centric management approach. Villas de Toscana is achieving $193 premiums on the 39 renovated units. As proof of further increased yield, the submarket is projected to increase rents and occupancy at a steady rate despite macro-economic headwinds. community amenity improvements and the rebranding and repositioning of this asset, new ownership can capture conservative rent premiums in excess of $150 per unit. Poised for immediate revenue generating upgrades the opportunity to improve the interiors with stainless steel appliances, new countertops, cabinet and lighting upgrades, faux wood flooring, updated plumbing fixtures, designer backsplash and more will significantly position Villas de Toscana as a priority choice within the submarket. Conservatively averaging $150 premiums on 151 units with interior renovations could generate over $271,800 per year in additional revenue. These improvements will not only result in immediate upside but aid significantly in tenant retention. Additionally, 166 units feature washer and dryer connections (all but the A1 floorplan) and the opportunity presents itself to install and lease clothing care equipment for an additional $40 premium, resulting in $79,680 of additional income. With the implementation of physical washers and dryers in every unit, new ownership can convert the on-site clothes care facilities into modern unique and exciting amenities. These strategic value-add and repositioning measures will not only revitalize Villas de Toscana but could see it prosper as one of the premier assets within this submarket.

INVESTMENT HIGHLIGHTS

Loan Assumption As of June-2025 Loan Details: Lender: Fannie Mae Loan Amount/UPB: $12,155,000 / $11,692,043 Interest Rate/ Debt Service: Fixed 4.40% / 1.30 DSCR Origination Date/ First Pmt: January 31st, 2018 / March 1st, 2023 Maturity Date: February 1st, 2030 IO Period / Remaining: 60 months / 0 months

3-Mile Radius Market Dynamics Zooming into the immediate 3-mile radius surrounding The Property, recent home sales further emphasize the affordability gap favoring rental options. Closed transactions in this zone have ranged between $330,000 and $394,000, effectively pricing out many first-time buyers and younger households. As single-family ownership costs climb, demand for well-located, amenity-rich multifamily housing continues to strengthen, creating a favorable leasing environment and supporting robust rent growth.

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Cameron Hart

Senior Director+1 (512) 226-8708Cameron.Hart@berkadia.com