The Fredd Townhomes
With existing experience in the San Antonio market, Jevan was able to increase property value by over 60%.
Property Overview
In November of 2013, Jevan purchased the 278 unit Arroyo Ranch apartment community in San Antonio, TX.
Following the Great Recession, Jevan began to explore markets that proved to be more resilient than the rest of the country, chief among them San Antonio. San Antonio’s strong military presence and strong economic drivers provided stability through the Great Recession and a strong foundation for the recovery that followed.
Strategy
Arroyo Ranch was located across the street from USAA Global HQ, San Antonio’s largest employer and within 2 miles of the South Texas Medical Center, a master planned medical hub with over 45,000 jobs. Additionally, Jevan owned the adjacent apartment complex and had an intimate knowledge of the submarket.
Within the submarket, Arroyo Ranch was unique, offering the only single-story townhomes in area. Additionally, each unit provided large private patios and spacious interiors.
Jevan negotiated an off-market transaction and was able to secure the property. Leveraging our knowledge from our adjacent asset, we immediately began renovating the unit interiors and driving rents.
Based upon the Fredd’s strong performance and excellent location, Jevan has been approached numerous times regarding a potential sale and have considered a potential sale but are hesitant to sell such a wonderful property.
Investment Summary
- Received numerous inquires regarding a potential sale
- Successfully grew NOI 40.1%
- Increased property value by 60.4%
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