Seven Pines

As an almost unheard-of bonus, all apartment units are constructed with concrete block separating all apartment units from each other, making things quieter than expected.​ The original developers built these apartments for themselves, and went on to own the properties for 33 years, and the current owners acquired Seven Pines in 1999.​ The owners have meticulously maintained these apartments with long-term ownership in mind and preserved the building value by making only quality repairs and implementing a comprehensive Make-Ready program.​ The property recently received a REAC score of 93.​

All of the roofs are pitched and have been replaced with upgrade materials during current ownership, so they will not all require replacement at once.​ The last roofs were replaced 5-6 years ago with upgrade laminated shingles, and all 20 apartment buildings now have full-length ridge vents, which extend the life of the roof by reducing temperatures and moisture, and increase comfort of -- and reduce A/C electrical costs for -- the residents.​ In 2019, current ownership replaced all 32 electrical panels at one site.​ All electrical branch circuit wiring is Copper at both sites (an electrician's report is available), and all building water supply lines are long-lasting Copper.​ About 1/3 of the property’s water heaters have been replaced over the years and were fitted with Full Port ¾” ball drain valves from new, allowing for easier maintenance flushing.​ New High Security USPS STD-4C Horizontal Mailboxes along with additional USPS parcel lockers have recently been installed at both sites.​ Other capital improvements have been made as well, in accordance with current ownership’s resolve to carefully preserve and thoughtfully improve the property.​

An opportunity exists for new ownership to continue to implement the rent increase schedule that is currently in place as units are renewed.​ Additional rent increases have been implemented for new move-ins, and there is room to further increase rents.​ Light upgrades of vinyl wood plank flooring, fresh paint, and carpet cleaning are fetching an average of $50/month rent increases.​ There are also multiple ways to increase revenue streams through implementing RUBS for pest control, and fencing in yards for the Zarzamora property, installing covered parking in the generous parking lots, or building a stand-alone rental office.​

Seven Pines has significant frontage on South Zarzamora Street (23,100 VPD), which stretches over 12 miles north to south through San Antonio.​ The IDEA School Charter School has recently completed construction of its new Ewing Halsel campus, just two blocks away from Seven Pines.​ The property is located less than half a mile from I-35, a major artery in San Antonio and Texas that connects residents with different parts of the city, state, and country.​ South Park Mall, and many additional shops, stores and restaurants are located along nearby SW Military Drive, a thriving commercial corridor.​ The asset is situated in the heart of San Antonio’s south side, which is the center of the city’s development initiatives, and is seeing an influx of large investments from nationally and internationally recognized companies such as Toyota (3,200 employees), Navistar (600 employees), and Boeing (1,400 employees).​ Just 6.5 miles from the property is Brooks City-Base, a 1308-acre redevelopment of the Brooks Air Force Base, that is bringing additional major employers to the area such as Mission Solar Energy (200 employees), Nissei Plastic Industrial (60 employees and growing), and OKIN BPS (1,400 employees).​ Fifteen minutes north of Seven Pines lies the Central Business District of San Antonio, the country’s 7th largest city, which contains several significant tourist attractions such as the Alamo and the River Walk.​ San Antonio International Airport is located 15 miles north of the property.​

• ​Single story cinder block construction
  
  
• ​Original Builder and Owner Held Property for 33 years, Currently Held by 2nd Owner Since 1999 who has Maintained the Property with Long-Term Ownership Interest
  
  
• ​Historically Low Resident Turnover - Less than 23% in 2018
  
  
• ​Current Ownership has Spent Roughly $220,000 in Capital Upgrades over the Past 3 years with an Additional $25,000 to be Deployed in the last ten months
  
  
• ​All Roofs have been Replaced in the Last 20 years and Received Upgraded Attic Ventilation
  
  
• ​Exeptional Unit Mix - 82% Two and Three Bedrooms - 20 Three Bedroom Units
  
  
• ​Buildings are Spread Out Across the Property with Front Doors Located Well Away from One Another, Creating a Quieter Community