Legacy Apartments

Investment Summary

Property:  The Terrace (Re-branded as Legacy Apartments) is a gated community built in 1974 with 106 units and located in North East San Antonio. The property features a pool, two laundry facilities, office, mail room, ample outdoor courtyard areas and over 3 parking spots per unit.

Strategy:  Low basis acquisition of workforce housing with significant upside through re-positioning, adding 24 units, and charging back utilities.

Opportunity Highlights

Our business plan includes the following improvements.

  • Family owned and managed since 2013, there were countless areas for operational improvement. We contracted professional third party property management from day one to implement best practices, reduce expenses, improve operations, and maximize profitability.

  • Nearly 100% of tenants were not paying electric or water bills.  The property was individually metered for electric, and we will leverage Appfolio’s graceful utility billing system to bill back water. New leases and lease renewals will pay all utilities.

  • The Property is currently 106 units. A previous owner combined 48 upstairs/downstairs units into one 24 larger apartments by connecting them with a spiral staircase. Plumbing, electrical, HVAC and metering are all in place.  This presents an excellent opportunity to add 24 units back to the property for a substantial increase in yearly revenue.

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