Value Add In San Antonio

[Jamie Parker]

I would be hard pressed to find an investor, particularly multifamily investor, that doesn't know their market inside and out. Even harder to find an investor that hadn't seen a listing in their asset class:

I was talking to a broker about a 12 unit in San Antonio and I the resemblance was very similar to a 16 unit set up Dallas.

- Only 3 remaining tenants, 

- Owner wanting to transfer the property vacant.

- Seller wanting at or above $1m to exit.

 the Dallas property is in a historic district, the San Antonio one, Im not sure yet. 

Is heavy apartment renovations a thing of the past, for now?  Is redevelopment a more viable option these days? 

[Joseph Cacciapaglia]

Depending on location, $1MM is probably too much for a 12 unit here in San Antonio that needs a major renovation. Plenty of people are still renovating apartments, but numbers have to be very good today, because financing is tough.