SAN ANTONIO, TX - Electra America and its management affiliate, Robbins Electra, announce the acquisition of Pecan Springs, a 344-unit, garden-style multifamily community located in San Antonio, Texas.
With this acquisition, Electra America now owns five apartment communities in the San Antonio metro area. With over 60 properties in Texas, Florida, Georgia, North Carolina, Virginia and Maryland, Electra’s portfolio contains over 22,500 apartments totaling over $2.5 billion in value.
“We are thrilled at the opportunity to acquire a newly constructed, Class A community in the growing northwest San Antonio market,” said Christine DeFilippis, Electra America’s Chief Investment Officer. “The San Antonio market has strengthened significantly since we placed the property under contract in May. This particular submarket has successfully absorbed the 2,800 units delivered between 2010 to 2016, or 49 percent of the inventory. The stabilization of occupancy paves the way for rent growth inherent in an economically strong demographic, supported by the presence of employers like USAA, the San Antonio Medical Center and University of Texas at San Antonio. It was advantageous for us to gamble on this submarket at a risk-adjusted basis to now realize the rent growth opportunities.”
Additionally, DeFillippis noted, Pecan Springs offers a light value-add component - Electra will add washers and dryers to all units and upgrade amenities to be competitive with other comparable properties in the market.
Built in 2013, Pecan Springs features one-, two-, and three-bedroom units with average effective rents of $1,025. The community is designed to accommodate residents with a range of comforting amenities, including a resort-style swimming pool, fitness center, dog park and dog wash, and gated access.
Located at 5511 Pecan Springs Road, the community is located near a wide variety of shopping, dining, and entertainment options, with close proximity to Texas State Highway Loop 1604 and Interstate 10. The University of Texas at San Antonio is only ten minutes away, and The Shops at La Cantera is only five minutes away. The property is currently 95% occupied.
For more information on Pecan Springs or Electra America, please visit Electra America.com.