Source: Tryperion Partners / #Apartments #Multifamily
SAN ANTONIO, TX - Tryperion Partners and Presidium Group have formed a joint venture to acquire and reposition Oakwell Springs, a 252-unit apartment community in San Antonio’s desirable Northeast submarket. Tryperion and Presidium will revitalize the property by renovating unit interiors, enhancing resident amenities, and upgrading common areas and landscaping.
“We are excited to make our first acquisition in San Antonio,” said Tryperion partner Eliot Bencuya. “It is a city that fits our strategy of investing in secondary western U.S. markets with strong underlying fundamentals.”
Tryperion’s joint venture partner, Presidium, is a vertically-integrated investment and management firm specializing in Texas multifamily. Presidium will draw from its experience owning and managing over 6,000 apartment units to oversee the renovation and leasing plans for the property. “We are eager to partner with Presidium,” added Tryperion partner Joseph Kessel. “They bring a unique skill set that will maximize the potential of Oakwell Springs.”
The repositioning program will touch all areas of the project. Interior finishes will be renovated to include new appliances, new cabinetry hardware, new bathroom fixtures, and upgraded flooring. Exterior improvements will include refurbished building exteriors, enhanced landscaping, and improved pool area and fitness center amenities.
“We are pleased to form a relationship with the Tryperion team,” added Presidium co-chief executive officer Cross Moceri. “We see immense potential in Oakwell Springs and the San Antonio market as a whole. It is an ideal opportunity to use our collective experience repositioning this property into a vibrant residential community.”