Axio presents an excellent value-add opportunity with proven in place rent growth in the heart of the Medical Center and USAA submarket. Current ownership has incurred the majority of the exterior rehab costs and 45% of the interiors leaving the bulk of the value-add rent growth for the new ownership. Neighboring assets of similar vintage are currently upgrading units with granite countertops, stainless steel appliances, and new cabinetry. By implementing a more robust interior upgrade program on the remaining 200 +/- units, new ownership will capitalize on increased value-add rental revenue while staying competitive in the high demand infill submarket.
With nearly 2.5 million residents, Greater San Antonio is the third-most-populated metropolitan area in Texas. A trifecta of economic factors underpinned San Antonio's status on Forbes’ report of America's “next boomtowns” ... 1. low business costs, 2. fast-growing increases in populations of young, educated millennials and households with children, and 3. an advanced telecom infrastructure, particularly in the north and west sides of town. A few notable firms in each job sector call San Antonio home, including Hulu which is adding at least 500 jobs for a viewer experience headquarters, Ernst and Young adding up to 600 new positions at a client service center near UTSA, and Xerox recently brought 400 call center jobs.
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