Investment Summary

Castle Hills Townhomes is a 148-unit community located minutes from the REEP Headquarters. Sharing the same submarket as Seville, this asset is situated in the strategically located Castle Hills neighborhood of north-central San Antonio. Built in 1997, the gated townhomes property features spacious units with 84% attached garages, fireplaces, and private yards providing tenants with an enhanced living experience.

With an average unit size of 1,002 square feet, Castle Hill’s units are 120 feet larger than the average unit size of the comparables. The spacious townhome style units, in conjunction with the direct access to major thoroughfares, attached garages, fireplaces, and private yards in the majority of the units coalesce to create a first-rate living experience. These attributes drive above-average renewal rates and improve the ability to achieve projected rents.

Interior Amenities

• Stone Fireplaces
• Attached Garages*
• Patio or Balcony
• Stainless Steel Appliances
• Washer/Dryer Connections
• Plank Flooring
• Fenced Yards*

Business Plan

The strategy for this asset is to:

• Implement vertically integrated management to control expenses
• Renovate 108 units with hard surface counters, new appliances, paint, flooring, cabinetry, and smart home technology
• Renovate the pool area, add a new access system, add package lockers, improve exterior lighting, touch up the landscape, and office refresh
• Add new income through VIP Parking, amenity fees, storage unit occupancy improvements, and increased RUBs and Pet Fees
• Sell or refinance within 3-5 years