1300 Patricia Dr, San Antonio, TX 78213

Summary:

The Multifamily Group is pleased to present the exclusive offering of ICON, a unique, value-add opportunity in San Antonio, Texas. Constructed in 1980, the property consists of 240 units and offers one and two-bedroom floorplans. The property is currently 75% occupied, with strong occupancy rates in the submarket at around 90%. ICON has an assumable Fannie Mae loan with ~$11,180,000 remaining, and a 5.01% interest rate. It can also be purchased with fresh debt.

Capital Expenditures:

• The current ownership has spent over $5.1MM in renovations including:

• $376,000 invested in new roofing across the property

• $2.1 million in interior upgrades, including renovating to 200 of the units

• $1.5 million spent on exterior enhancements, including a full repaint in 2022

• One boiler was replaced within the last 3 months; the second is approximately 4 years old

• Ask a TMG broker for a full breakdown

Value-Add:

• Rent out washers and dryers, connections in every unit

• Launching a Water Conservation Program to lower the water costs by an estimated $112,000/year (See quote on pages 13-14)

• Build Carports and rent them out to tenants

• Develop the vacant land to either rebuild 16 units that burned in 2023 or create new amenities such as pickleball courts, or a community area with park benches, a fire pit, and/or a pergola

• View in-depth analysis on pages 11-12 of the OM

Location:

ICON is situated in San Antonio’s desirable North Central neighborhood, where the median household income exceeds $65,000 (Yardi). The property offers convenient access to major retailers and dining, including H-E-B, Walmart Supercenter, Chick-fil-A, and Starbucks, all just a short drive away. More than 100,000 residents live within a 3-mile radius, and the property is located within the highly acclaimed North East ISD. Additionally, it is only 2.5-miles from the San Antonio International Airport.