University Cove

Summary:

The Multifamily Group is pleased to present the exclusive offering of University Cove, a unique, value-add opportunity in San Antonio, Texas.​ Constructed in 1979, the property comprises 262 units averaging 718 square feet.​ The property offers one and two-bedroom floor plans.​ The property is currently 89% occupied.​ University Cove has an assumable loan with ~$16,500,000 remaining, and a 4.60% interest rate.​ The loan is in its interest-only period through March 31, 2026.​ The current owner has invested over $1.6MM in capital expenditures, including renovating 200 of the units (request a copy of the capex breakdown from a TMG broker).​

Value-Add:

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  Interior renovations

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  Add washers and dryers to the units that already have connections

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  Install carports

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  Convert previously used office space into a unit

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  Renew the expired laundry contract

Location:

University Cove is situated in a thriving area of San Antonio, encompassing over 118,000 residents within a 5-mile radius.​ Residents in this area are highly skilled, with a median household income of over $63,000.​ The property is located just 2-miles from the University of Texas at San Antonio.​ This prime location offers excellent access to major employers, including USAA’s headquarters and the University of Texas Health Science Center.​ Positioned right off Interstate-10, the property provides residents with convenient access to numerous destinations within a 10-minute drive, such as H-E-B, Sam’s Club, Costco, Sprouts, Chick-fil-A, Starbucks, and various other nationally recognized restaurants and retailers.​ Downtown San Antonio is a mere 15-minute drive southeast along I-10, ensuring an easy commute.​

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  Assumable Freddie Mac Loan at 4.60% Interest With Interest-Only Through March 31, 2026

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  $2.6MM+ in Value-Add

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  Frontage on Interstate-10 (11,000+ VPD - Yardi)

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  $1.6MM+ Invested in Capital Expenditures Since 2020

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  $63,000+ Median HH Income - 1-Mile Radius (CoStar)

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  Near the Highly Rated USAA Area

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  2-Miles from the University of Texas at San Antonio