Lighthouse Partners acquires a 124-unit, Class-A Community in San Antonio, TX
Irvine, California, July 25, 2021: Lighthouse Partners, LLC (“Lighthouse”) has successfully acquired the 124-unit community called The Oaks at La Cantera Apartments in San Antonio, Texas. The Oaks represents Lighthouse’s seventh acquisition and first in San Antonio. Mark Diebold with Independence Commercial Advisors represented the seller in the transaction. Acquisition financing was arranged by Hank Glasgow and Braden Harmon with NGKF and provided by Bridge IG.
The Oaks at La Cantera is a Class A, apartment community built in 2007 and consists of 124 apartment units. At the time of acquisition, the community was owner-managed and not being optimized relative to the neighboring properties. Rents were the lowest in the neighborhood, despite being newer construction and in a highly desirable location. The Oaks will benefit tremendously from a comprehensive value-add renovation plan and the introduction of a professional management company. The community benefits from having modern physical traits like 9-foot ceilings, washer/dryer connections and large floorplans; providing an ideal foundation for a modern renovation. Additionally, the property does have outdoor open spaces and a large clubhouse, but none of this is being utilized for the benefit of residents and is subsequently contributing to the low rent levels. Lighthouse has budgeted $1,400,000 to modernize and update The Oaks. Some of the planned exterior enhancements will involve renovating the pool area, landscaping upgrades, new signage, exterior paint and cosmetic building enhancements, the addition of BBQ areas, improved site lighting, addition of a new fitness center and leasing office upgrades. The apartment interiors will have new faux wood flooring, stone countertops, resurfaced cabinets, stainless steel appliance packages, new paint, modern lighting and fixtures, USB ports and washer/dryers installed.
The Oaks at La Cantera is located in the Far Northwest submarket of San Antonio with immediate access to I-10 and Loop 1604, two major highways in the City. Additionally, the property is less than a mile from over 3 million square feet of retail, class A office parks, Six Flags Fiesta Texas amusement park, The La Cantera Resort, Spa and Golf Course and the University of Texas at San Antonio (“UTSA”) with over 34,000 students. All of these local attractions provide endless entertainment and dining options for residents as well as an enormous amount of rental demand. Students and working residents alike will be drawn to the exceptional central location of the Oaks and students of UTSA will enjoy the convenience of being on the University’s Shuttle Route.
Lighthouse Partners (www.lighthousepartnersinc.com) is a privately owned company focused on the investment and asset management of multifamily properties. The principals of Lighthouse have overseen in excess of $6 billion in transactions totaling 45,000 apartment units throughout their careers. Lighthouse is selectively pursuing opportunities in the major metro areas of the Western US and properties that offer some component of value-add and operational upside. The primary source of equity for its acquisitions is its extensive network of accredited investors. Through its real estate offerings, Lighthouse provides accredited investors an avenue to directly invest in institutional quality multifamily real estate, to which they otherwise would not have access. Lighthouse is actively looking to grow its accredited investor network and expand its joint venture relationships.
For further information, please contact: Jeffrey Fuller ([email protected]) or Andrew Newton ([email protected]).