Today, we closed on Cypress at Stone Oak, an $81.65 million deal that doubles the size of our San Antonio market. We bought our first property in this area of Texas in May of 2021.
What makes this Cypress unique? Floorplans.
It has 31 cottages, as a part of the 335 units. The cottages are made up of three-to-five-bedroom units.
“There’s so much opportunity there,” partner Brock Wright said. “On top of a great school district, the cottages at this property make it a great asset.”
We already have plans to improve the physical facilities, which have undergone very few large projects since they were completed in 2007. First, our CapEx department will focus on painting, redoing the landscaping and eventually, replacing the pools.
These changes we will improve the property and bring it up to our standards, which will drive rates and traffic. Our team is ready to jump into action in San Antonio.
Our full management team:
- Brittany Fiedler, sales manager
- Rudy Lucio, lead service
- Moises Salomon, service
- Megan Castaneda, property manager
- Naarah Lawshea, sales associate
- Michael Gonzalez, turn tech
- Joe Guerrero, turn tech
With the right people and process, our plan is to reengineer the property. But as Brock said, we don’t have to sell our properties; Cypress is one we’d be willing to own long-term.
