Property: The Wurzbach Portfolio consists of two separate value-add apartment communities in San Antonio: Bitterwood Ranch (190 units re-branded as "The Blair on Bitters") and Fifth Avenue (198 units re-branded as "The Henry B"), both located just off the Wurzbach Parkway in North San Antonio. Both assets are 1980’s built ‘B’ class assets in one of the best San Antonio neighborhoods.
Strategy: Given the premier location of these assets and their proximity to our other San Antonio properties, we have an intimate knowledge of the true value add opportunities that exist on both sites, and we’ll be able to optimize operations to achieve efficiencies in expenses. The locations, property conditions and business plan are nearly identical to our other local assets.
Our business plan is to bring in professional management and staff, clean up operations and execute a systematic upgrade to both property interiors and exteriors. In addition, we will implement other value-add measures that we’ve seen prove successful at our other assets to grow yields even further.