67 Brees Blvd., San Antonio, TX 78209
The Ashford Tanglewood Apartments, is a two story, garden-style, apartment community located in the Alamo Heights submarket of San Antonio, Texas. The asset was built in 1972 and per owner, renovations began in 2017. Residents enjoy ample amenities which include: 2" wood blinds, kitchen pantries, upgraded ceiling fans and fixtures, laundry facilities, patios and balconies, covered parking (not being charged for presently) and walk-in closets. There are stainless steel appliances and/or granite countertops in some units. Owner reports spending approximately $2,255,421 in CapEx from 2017-2021. See CapEx list.
The property is located in a Class A location. Alamo Heights is one of the best school districts in San Antonio. The units are 1,107 sq.ft., much larger than normal. The owner is currently protesting the 2020 tax assessment. There are very few sites of this size available in the area. Per owner, mineral rights will be sold with asset.
The property is ideal for a long term hold and is in a very stable rental market that continues to do well during the COVID pandemic. As of 4/9/21 there is currently $9,176 in delinquencies, due to Covid. Federal programs may reimburse this. It is also a candidate for possible condo conversion. The Brokers feel that additional upgrades and charging for covered parking could produce additional revenue.
Per owner, the property is half master metered and half individually metered, half boilers and half individual water heaters. It has individual HVAC. There is copper wiring, confirmed per owner and all outdoor lights are LED (please verify). The leasing office has been completely remodeled and enlarged and a new HVAC unit was installed. There are washer/dryer connections in approximately 35% of the units. Offering washer/dryers in the units could generate additional revenue. RUBS is implemented on the master metered side. 67 of the 98 units have been upgraded. 16 units have received major renovations which include a varying combination of sub flooring in bathrooms, new sheetrock, water manifolds in bathrooms, new sinks, new toilets, vinyl plank flooring, washer/dryer connections, stainless steel appliances, granite countertops, new bathroom tile, back splashes in the kitchen, cabinet resurfacing and 2 inch wood blinds. 51 units have had partial renovations which include a varying combination of vinyl plank flooring, new carpet in the bedrooms, black or stainless steel appliances, fresh paint, new toilets, 2 inch wood blinds, Formica countertops and washer/dryer connections. Upgraded units receive $120-$240 dollars more per month than units that have not been upgraded, depending on the unit and upgrades. The major renovations have cost approximately $10,000- $13,000 per unit and the partial renovations have cost approximately $4,400-$7,000 per unit. Keep in mind the units are larger than average.
Tom Wilkinson has performed real estate marketing serves for institutional and individual investors since 1972. He has a BA in Mathematics from Rice University and an MBA in Real Estate Investments from the University of Texas. In addition to brokering real estate, Tom previously owned and operated more than 80 properties. Tom has successfully marketed properties for and to dozens of individual, business and institutional sellers and buyers, including REO properties for the RTC, FNMA and FreddieMac.