Casoro Group, a vertically-integrated multifamily real estate investment firm based in Austin, is expanding and improving its San Antonio portfolio thanks to more than $90 million in new investment partnerships with two New York-based firms.
Casoro revealed a recapitalization of two of its award-winning multifamily communities along with the acquisition of a third community in the thriving north and northeastern submarkets of San Antonio.
The recapitalization will inject new funds into the Peppermill and Sunset Canyon communities, which Casoro (formerly The PPA Group) purchased in 2008. Planned upgrades to the two communities are designed to enhance the quality of life for residents and create an inviting atmosphere that enhances the sense of community at both locations.
The award-winning 466-unit Sunset Canyon Apartments, located at 2170 Thousand Oaks Drive will receive new exterior paint, balcony upgrades, Freddie Mac Green Advantage utility and energy savings upgrades, and two new outdoor grilling areas near the pool. The interiors will get new kitchen backsplashes and plumbing fixtures, a new appliance package, new plank-style flooring, and upgraded lighting package. The fitness center is expanding and will get new equipment and an updated interior design. The community will also get new equipment and updates to the playground and dog park. Sunset Canyon won the San Antonio Apartment Association’s Property of the Year award in 2012 and earned the SatisFacts 2018 Resident Satisfaction National Award.
The deal also includes the 232-unit Peppermill Apartments community, located at 2125 Universal City Blvd., which will receive similar interior and exterior updates as Sunset Canyon, along with new cabinet fronts in the kitchens and Freddie Mac Green Advantage energy savings upgrades. The community will also get a brand new outdoor kitchen area by the pool as well as covered carport parking.
Casoro also acquired The Jax, a recently upgraded 322-unit garden-style community located at 12222 Vance Jackson Road. The Jax boasts proximity some of San Antonio’s best retail, dining and entertainment at Huebner Oaks Shopping Center and The Shops at La Cantera. The property is ideal for working professionals and students alike given its proximity to the USAA Headquarters, South Texas Medical Center, and the University of Texas at San Antonio (UTSA). Units include a mix of one-, two- and three-bedroom floor plans ranging from 692 to 1,545 square feet. Community amenities include a swimming pool, lush courtyards with barbecue grills, children’s play area, 24-hour fitness center, clubhouse and business center.
“Our long-term success in these communities is directly tied to the resident-oriented focus of our property management company, CLEAR Property Management, and the strong multifamily investment opportunities in San Antonio,” said Yuen Yung, CEO for Casoro Group. “We are excited to provide our residents with new upgraded apartment interiors and amenities that will make the communities a more inviting place to call home.”
San Antonio has been a vibrant location for multifamily investors thanks to its strong economy and growing population attracted by abundant job opportunities. The north and northeast submarket of San Antonio, where all three properties are located, are some of the best in the city, consistently outperforming the market as a whole. Demand for rentals in these areas remains strong. There are a large number of employers within a six-mile radius of the properties, including three hospital systems, a U.S. Air Force base, CPS Energy, iHeartRadio, and the San Antonio International Airport.
“San Antonio is a great market, and I think the continued value-add opportunities of Sunset Canyon, Peppermill and The Jax combined with the diverse economy made this an attractive opportunity for our investment partners,” Yung said.